INR likely to see mild recovery from record lows

The Indian rupee is likely to see mild recovery in opening trades on Monday after having slumped to a new record low beyond Rs88 per dollar mark on Friday. The currency fell amid concerns over the impact of the 50 percent tariffs imposed by the US on Indian goods. INR broke the 88 per US dollar mark and tanked around 60 paise on the day at 88.19 per US dollar. Indian shares ended lower on Friday to extend recent declines due to concerns over steep U.S. tariffs imposed on Indian goods. The downside, however, remained capped after official data showed India's industrial output production expanded at the fastest pace in four months in July. The benchmark BSE Sensex ended the session down 270.92 points, or 0.34 percent, at 79,809.65 while the broader NSE Nifty index closed down 74.05 points, or 0.30 percent, at 24,426.85.