INR retreats in opening trades as tariff concerns weigh

The Indian rupee fell in opening trades on Friday amid sustained concerns over additional US tariffs on Indian products, which kicked in on Wednesday, and a decline in domestic equity markets capped gains in the local unit. Indian shares fell sharply on Thursday as traders waited to see how New Delhi responds to pressure from Washington to stop buying Russian oil after the 50 percent tariffs levied by the U.S. on Indian goods came into effect on Wednesday. The benchmark BSE Sensex fell 705.97 points, or 0.87 percent, to 80,080.57 as trading resumed after a holiday on Wednesday for celebrating Ganesh Chaturthi. The broader NSE Nifty index ended down 211.15 points, or 0.85 percent, to 24,500.90. INR opened at Rs 87.73 per dollar and recovered to a high of 87.71 so far during the day. Yesterday, rupee rose by 6 paise to close at 87.63 against the US dollar aided by a weaker greenback and a decline in crude oil prices.