The Indian rupee saw good recovery in opening trades on Friday tracking positive cues from equities although higher dollar overseas and elevated crude prices could limit gains in the counter. The rally in equities came after the Labor Department released a report showing first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended August 3rd. Yesterday, rupee continued to trade in range bound moves to settled for the day lower by 1 paisa at 83.96 against US dollar, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. The benchmark S&P/BSE Sensex ended the session down 581.79 points, or 0.73 percent, at 78,886.22 as the Reserve Bank of India kept interest rates steady, as widely expected, and maintained its hawkish stance due to persistently high food inflation. The broader NSE Nifty index settled at 24,117, down 180.50 points, or 0.74 percent, from its previous close. However, a decline in the US Dollar index prevented the local unit from declining sharply.

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