Good recovery in INR driven by optimism over US-India trade negotiations

The Indian rupee appreciated 25 paise to close at 87.84 (provisional) against US dollar on Wednesday, tracking a positive trend in domestic equities and supported by optimism over USIndia trade negotiations. Indian shares ended higher for a second consecutive session on Wednesday after India and the U.S. agreed to speed up talks on a bilateral trade. After a high-level official meeting, it was decided to intensify efforts to achieve early conclusion of a mutually beneficial Trade Agreement," according to a statement issued by the Commerce and Industry Ministry. The benchmark S&P/BSE Sensex ended the session up 313.02 points, or 0.38 percent, at 82,693.71, extending gains for a second day. The broader NSE Nifty index closed up 91.15 points, or 0.36 percent, to 25,330.25 while the BSE mid-cap and small-cap indexes rose 0.2 percent and half a percent, respectively. The Indian rupee strengthened for the fourth consecutive session on Wednesday and rose to the highest level in three and a half weeks on broad weakness of the American currency amid hopes of a US Fed rate cut.

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