INR recovers lost momentum from 3-month low

The Indian rupee recovered some of its lost momentum from a three-month low tracking mild weakness in dollar overseas. Yesterday, rupee extended losing streak for the third consecutive day, hits weakest level since mid-March against the US Dollar as the escalating Middle East conflict fuels fresh supply worries and keeps Crude Oil prices elevated. Higher Oil costs continue to strain India?s import bill, adding persistent pressure on the Rupee. INR depreciated 30 paise to close at 86.73 against US dollar on Thursday, weighed down by the strength of the American currency in the overseas markets and rebound in international crude oil prices fuelled by ongoing geopolitical uncertainties. Moreover, muted domestic equity markets also added pressure on the rupee. The benchmark S&P/BSE Sensex ended the session down 82.79 points, or 0.10 percent, at 81,361.87 while the broader NSE Nifty index slipped 18.80 points, or 0.08 percent, to 24,793.25. On the NSE, USDINR futures are down 0.16% at 86.62.

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