The Indian rupee lost momentum in opening trades on Monday tracking strength in dollar index that is positioned well above 99 mark. Dollar gained strength as US Federal Reserve Chair Jerome Powell flagged US inflation staying above the target level and uncertainties in the labour market, trimming hope for a further rate cut in the December policy. INR opened at Rs 88.73 per dollar and dropped to a low of 88.80 so far during the day. ON Friday, rupee settled flat at 88.69 against the American currency on Friday, as weak domestic equities and a firm US dollar in overseas markets offset the gains from lower crude oil prices. Domestic shares ended lower on Friday as renewed foreign investor selling overshadowed upbeat corporate earnings and easing global trade tensions. The benchmark BSE Sensex fell 465.75 points, or 0.55 percent, to 83,938.71, tracking mixed global cues. The broader NSE Nifty index dropped 155.75 points, or 0.60 percent, to 25,722.10.
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