Rupee extends further gains as dollar deepens losses

The Indian rupee extended further gains on Thursday tracking deep losses in the dollar overseas following softer than expected US inflation report that could support case for a Federal rate cut. Dollar index moved below 98 mark as investors now await US PPI data for more clarity. Moreover, US President Donald Trump has reignited tariff threats by announcing plans to notify US trading partners within the next one to two weeks about the new unilateral tariff rates. Rupee opened at Rs 85.43 per dollar but eased to a low of 85.49 so far during the day. Yesterday, INR appreciated 6 paise to close at 85.51 against the US dollar. Indian shares eked out modest gains on Wednesday. The benchmark 30-share BSE Sensex edged up by 123.42 points, or 0.15 percent, to 82,515.14 while the broader NSE Nifty index closed up 37.15 points, or 0.15 percent, at 25,141.40. On the NSE, USDINR futures were down marginally at 85.52.

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