Indian Rupee: Likely to extend upside

The Indian rupee is likely to extend upside on Tuesday morning tracking sustained weakness in greenback overseas. Yesterday, rupee jumped 35 paise to close at 85.10 against the US dollar. The inflow of foreign funds and the RBI's announcement of giving a record dividend of Rs 2.69 lakh crore to the government for FY25 added strength to the local currency even as a slight recovery in crude oil prices capped its gain. The benchmark 30-share BSE Sensex rose 455.37 points, or 0.56 percent, to 82,176.45 mirroring firm cues from global markets after U.S. President Donald Trump said he would delay imposing 50 percent tariffs on imports from the EU until July 9, backing of this threat to impose tariffs on goods from the European Union as soon as 1 June. The broader NSE Nifty index also ended up 148 points, or 0.60 percent, at 25,001.15.

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