The Indian rupee added mild gains after a slightly negative start on Thursday. INR opened at Rs 85.93 per dollar but recovered to a high of 85.82 so far during the day, tracking positive cues from local equities. Renewed strength in greenback overseas could however limit gains in the counter. US dollar index climbed to 98.26 amid concerns over the Federal Reserve's independence as reports of President Donald Trump considered removing Fed Chair Jerome Powell resurfaced. Meanwhile, US data showed PPI in June dipped from 2.6% to 2.3% on year, below estimates of 2.5%. Excluding volatile items, PPI cooled from 3% to 2.6%, below forecasts of 2.7%. Yesterday rupee declined 18 paise against the US dollar to close at 85.94. However, renewed foreign capital inflows and sliding global crude prices supported the domestic unit. Indian shares recovered from an early slide to end marginally higher on Wednesday as the dollar pulled back slightly and U.S. Treasury yields retreated after rising in the previous session. On the NSE, USDINR futures are seen lower by 0.18% at 85.85.

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