Indian Rupee: Seen cautiously lower tracking weak global cues

The Indian rupee is staying in a narrow range in opening trades on Thursday amid cautious trades as local equities are likely to commence lower tracking global counterparts. Asian stocks followed Wall Street lower due to fears over U.S. government borrowing and budget deficit. Investors react to escalating geopolitical tensions, rising U.S. Treasury yields and a lack of progress on U.S. trade talks with partners. Yesterday rupee consolidated in a narrow range and settled for the day down by 1 paisa at 85.59 against the US dollar, on dollar demand from importers and foreign banks as well as surge in crude oil prices. Benchmark indexes Sensex and Nifty rose around half a percent each on Wednesday to snap a three-day losing streak.

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