The Indian rupee extends downside in opening trades on Tuesday amid sustained concerns over U.S. President Donald Trump’s threaten to "substantially" raise tariffs on goods imported from India. Foreign Portfolio Investors (FPIs) also offloaded shares worth Rs 2,566 crore on a net basis on Monday, while domestic institutional investors (DIIs) net bought shares to the extent of Rs 4,386 crore, according to provisional NSE data. INR opened at Rs 87.95 per dollar and recovered to a high of 87.78 so far during the day.
Yesterday, the BSE Sensex jumped 418.81 points, or, 0.52 percent, to 81,018.72, snapping a two-day losing streak. The broader NSE Nifty index surged 157.40 points, or 0.64 percent, to 24,722.75. Meanwhile, the rupee depreciated 52 paise to close at 87.70 (provisional) against the US dollar. Investors now await the announcement of the interest rate decision by the RBI on Wednesday. On the NSE, USDINR futures gained 0.14% to settle at 87.72 amid sustained weakness in rupee.