The Indian rupee recovered some of its lost momentum in opening trades on Tuesday as international oil prices continues to slide. However strength in dollar and muted equities are likely to limit upside in the unit. INR opened at Rs 88.55 per dollar and climbed to a one-week high of 88.28 so far during the day. Yesterday, rupee extended its descent for the third straight day and settled five paise down at 88.75 against the US dollar, near its all-time low level. The dollar index continues to add strength near a three month high as Fed Chair Jerome Powell hinted that it may be the central bank's last reduction for the year, citing the risk of making additional moves without a more robust picture of the economy. DXY quoted at 99.78 today. Domestic equities, however, ended on a positive note and supported the domestic unit at lower levels. Shares ended little changed on Monday after a choppy session. The benchmark BSE Sensex swung between gains and losses before ending the session up 39.78 points, or 0.05 percent, at 83,978.49. The broader NSE Nifty index edged up by 41.25 points, or 0.16 percent, to 25,763.35 after a strong rally in October.

Powered by Capital Market - Live News