INR breaks under 85 per US dollar mark in intraday moves, meltdown in crude oil supports

Indian rupee stayed well supported today, hitting under 85 per US dollar. Indian rupee edged up in volatile trades, holding near three month high against the US dollar. The INR quotes at 85.43 per US dollar, up 8 paise on the day. The US dollar index currently quotes at 101.76, almost unchanged on the day. The US dollar index slipped near 101 mark to test five month low in last session. Dollar index added to these losses today as equities reeled under pressure globally. All eyes are now on the US non-farm payrolls data for the next big cue on Fed action. Falling commodity prices seem to be working for the INR. WTI Crude oil futures have tumbled near $63 per barrel, approaching lowest levels in nearly four years. Rupee gained despite meltdown in local equities. The domestic equity benchmarks ended with major losses today, declining for the second consecutive session. The Nifty ended below the 22,950 mark. Barring the Nifty FMCG index, all the other sectoral indices on the NSE ended in red. As per provisional closing, the barometer index, the S&P BSE Sensex, tanked 930.67 points or 1.22% to 75,364.36. The Nifty 50 index dropped 345.65 points or 1.49% to 22,904.45.

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