The Indian rupee extends downside near record low levels in opening trades on Tuesday, as a cautious undertone prevailed as oil prices rebounded nearly 3 percent after ending sharply lower in the New York trading session overnight amid efforts to help secure the Strait of Hormuz. Pull back in dollar and slightly recovering equities could however limit losses in the domestic unit. INR opened at Rs 92.35 per dollar and hit a low of 92.44 so far during the day. Yesterday, rupee ended almost flat to settle at 92.28 per dollar. The currency hit a fresh record low of 92.47 during intraday moves amid surging crude oil prices and incessant withdrawal of foreign funds triggered by geopolitical uncertainties. The local currency, however, resisted a sharp fall backed by a significant recovery in domestic equity markets amid hopes of the reopening of the Strait of Hormuz. Indian benchmark indices rebounded strongly, closing higher after a three-day slump. The BSE Sensex jumped by 938.93 points (1.26%) to settle at 75,502.85, while the NSE Nifty 50 gained 257.70 points (1.11%) to close at 23,408.80.
Powered by Capital Market - Live News