The Indian rupee is recovering some of its lost momentum tracking weakness in dollar overseas coupled with recovery in local equities. Benchmark indexes Sensex and Nifty fell around 0.8 percent each on Thursday after a spike in U.S. Treasury yields. Asian stocks were broadly higher this morning, with Japan's Nikkei leading regional gains as a key inflation gauge accelerated to the fastest clip in more than two years. The INR opened at Rs 85.95 per dollar and hit a low of 86.10 before recovering to a high of 85.90 so far during the day. Currently, the pair is quoting at 85.93 as compared to previous close at 85.95. The dollar index fell to around 99.6 on Friday and was set to lose more than 1% for the week, weighed down by concerns over the US fiscal outlook.
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