The Indian rupee continues to stay strained near record low levels in opening trades on Friday as dollar regained momentum near 99 mark. INR opened at Rs 95.86 per dollar and hit a low of 95.94 so far during the day. Yesterday, rupee weakened further and fell to a record low of 95.64 against the US dollar, amid a strong dollar and worries over inflation amid elevated energy prices. The rupee is expected to trade with a negative bias amid inflation concerns and the strength of the US dollar in the overseas market. The West Asia crisis and the blockade of the Strait of Hormuz have disrupted crude petroleum imports into India. Investors also awaited the outcome of U.S. President Donald Trump's summit with Chinese President Xi Jinping in Beijing. However, positive local equities are likely to limit losses in the domestic unit to some extent. Indian benchmark indices opened on a positive note, with the Nifty 50 rising above 23,700 and the Sensex gaining over 100 points, supported by strength in IT and auto stocks.
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