INR breaks under 83 per US Dollar mark on strength in equities

The Indian Rupee gained today amid mixed cues from the US dollar index and yesterdays upmove in local equities that pushed the benchmark indices to record highs. The Indian rupee consolidated in a narrow range last week amid supportive local equities and a narrowing of trade deficit. However, the INR currently quotes at 82.97, up 3 paise on the day after a break under 83 per US dollar mark. The domestic equity benchmarks ended with moderate gains on Monday, rising for the fifth day in a row. The Nifty settled above the 22,100 level. Consumer durables, pharma and FMCG stocks were in demand. On the other hand, realty, PSU bank and IT shares corrected. Meanwhile, the US dollar index is currently quoting at 104.30, up marginally on the day after a sharp spurt near three month high last week.

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