The Indian rupee rebounded against the dollar on Tuesday, tracking persistent weakness in the greenback overseas. Moreover, deepening slide in international oil prices and expectation of upside in local equities tracking broadly positive cues from Wall Street overnight is seen supporting the counter. INR commenced at Rs 85.66 dollar and climbed to a high of 85.34 so far during the day. Yesterday, rupee fell sharply against the US dollar as recent weakness stayed in place on month end dollar demand. INR closed at 85.76 per US dollar, down 23 paise on the day on weak domestic equities and a recovery in crude oil prices. INR eased even as the US dollar index stayed slippery under 97 mark, holding onto heavy losses in last week that saw the index tank around 1.30%. The US dollar index tested its lowest since February 2022 as a more dovish Fed stance and rising fiscal worries pressured the greenback. The INR has depreciated by around 0.20% in June. Meanwhile, on the NSE, USDINR futures are down 0.17% at 85.72.
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