The Indian rupee is steadying with a downward bias after having recovered from lifetime low level in the previous session. Broad strength in dollar index above 104 mark awaiting a key US inflation reading that could influence the outlook for Federal Reserve monetary policy ahead is seen keeping the local unit under pressure. The crucial US PCE price index report, which is the Fed?s preferred inflation gauge is due to be released on Friday. INR appreciated 33 paise to close at 83.28 against the US dollar on Tuesday. On Friday, rupee fell to a lifetime low of 83.61.The benchmark S&P BSE 30-share Sensex ended the session down 361.54 points, or half a percent, at 72,470.30 on concerns that rising oil prices may stoke inflationary pressures and result in increased deficits. The broader NSE Nifty index settled 92.05 points, or 0.42 percent, lower at 22,004.70 ahead of upcoming F&O expiry. Meanwhile, India's finance ministry said in its monthly economic review last week that inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea.

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