INR trims loses to recover back under 84/$ mark

The Indian rupee gathered some momentum after tumbling to new lifetime lows in the previous session that took the currency falter beyond 84 per dollar mark. The domestic currency recovered from its all-time low level and settled for the day 16 paise higher at 83.93 (provisional) against the US dollar on Tuesday. The recovery came despite a rebound in dollar overseas and muted equities after a massive sell-off in the previous session on rising concerns over recession fears in the US and the geopolitical tensions in the Middle East dented investor sentiments. Moreover, the sentimental impact of unwinding of the Yen carry-trade weighed on the riskier currencies such as the rupee. The benchmark 30-share Sensex ended the session down 166.33 points, or 0.21 percent, at 78,593.07 - extending losses to a third straight session. The Sensex hit an intraday high of 79,852 before reversing course. The broader Nifty index hit a high of 24,382 before giving up all the gains to settle at 23,992.55,