The Indian rupee is seen recovering back above Rs 86 per dollar mark on Tuesday morning even as a rebound in dollar overseas could limit gains in the counter. The dollar index is quoting at 97.75, up 0.20% on the day. The domestic currency opened at Rs 85.96 per dollar and edged up to a high of 85.94 so far during the day. Yesterday, rupee rose 8 paise to 86.03 against the US dollar on Monday amid a strong show at the domestic equity markets, weakening dollar, and easing of global crude oil prices. Indian shares rose notably on Monday as oil prices stabilized after settling 7 percent higher on Friday, and data showed India's wholesale price inflation eased further in May to a 14-month low amid cheaper costs for primary articles, fuel, and power. Provisional data from the Ministry of Commerce and Industry revealed that India's wholesale price index, or WPI, rose 0.39 percent year-over-year in May, slower than the 0.85 percent increase in April. This was the lowest inflation rate since March 2024. The benchmark S&P/BSE Sensex jumped 677.55 points, or 0.84 percent, to 81,796.15 while the broader NSE Nifty index closed up 227.90 points, or 0.92 percent, at 24,946.50. On the NSE, USDINR futures are trading lower by 0.18% at 85.93.

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