INR Appreciates As Dollar Corrects From Recent Peaks

The Indian rupee registered good gains against the dollar and appreciated 9 paise to close at 82.96 (provisional) against the US dollar on Wednesday, tracking a correction in the greenback against major currencies and fresh foreign capital inflows. Lack of any major data from US led a slight pullback in greenback and treasury yields alike. The dollar index had shot up to a near three month high following robust jobs data and Fed Powells comments that reduced possibility of an early Federal rate cut. The dollar index is taking a breather under 104 mark, awaiting further cues on Federal stance. Meanwhile, a rise in crude oil prices and muted domestic markets capped the sharp gains in the domestic unit. The benchmark S&P BSE Sensex erased early gains to close at 72,152, down 34 points from its previous close. The broader NSE Nifty index settled little changed with a positive bias at 21,930.50 after a volatile session. At the interbank foreign exchange market, the local unit opened at 83.03 against the greenback. The unit hit an intraday high of 82.94 and a low of 83.09.

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