INR near 3-week high as dollar extends weakness

Consistent weakness in dollar overseas is aiding gains in the Indian rupee during opening trades on Wednesday. INR opened around a three-week high of 87.84 per dollar and climbed to a high of 87.82 so far during the day. Easing oil price and positive cues from equities also supported the counter. Yesterday, rupee appreciated 8 paise to close at 88.08 against the US dollar, tracking US-India talks on the proposed trade agreement to iron out issues in the wake of steep Trump Tariffs. Rupee strengthened on positive domestic markets and a weak greenback, which is trading at a two-month low ahead of the two-day FOMC meeting. Indian shares rose notably on Tuesday as the U.S. and India stepped up talks to resolve their trade tensions, with two separate teams of officials meeting in New Delhi this week, following weeks of diplomatic friction. The benchmark BSE Sensex surged 594.95 points, or 0.73 percent, to 82,380.69, after having snapped a five-day winning streak in the previous session. Similarly, the broader NSE Nifty index jumped 169.90 points, or 0.68 percent, to 25,239.10.