INR Appreciates On Firm Trend In Equities; Dollar Weakness Overseas

The Indian rupee gathered momentum tracking dollar weakness on Thursday. INR appreciated 6 paise to close at 83.13 (provisional) against the US dollar, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets. The dollar index dropped below 103 mark after dovish FOMC outcome yesterday but is seen gathering mild momentum at 103.21 at the time of writing. The benchmark S&P BSE Sensex jumped 539.50 points, or 0.75 percent, to 72,641.19 while the broader NSE Nifty index settled 172.85 points, or 0.79 percent, higher at 22,011.95. The HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.3 this month from February's final reading of 60.6. At the interbank foreign exchange market, the local unit opened at 83.07 against the greenback. The unit hit an intra-day high of 83.04 and a low of 83.16. The local unit finally settled at 83.13 (provisional) against the dollar, higher by 6 paise from its previous close of 83.19.

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