INR briefly hits Rs 92/$ mark in early trades; Weak dollar limits downside

The Indian rupee rebounded in opening trades on Thursday tracking weakness in dollar overseas. Moreover, on the domestic front, industrial production advanced 7.8 percent year-over-year in December, faster than the upwardly revised 7.2 percent gain in November. The expected increase was 5.5 percent. Further, this was the strongest expansion since October 2023. INR opened at Rs 91.95 per dollar but dropped to a low of 92 before recovering slightly. Yesterday rupee ended at 91.99. Benchmark indexes Sensex and Nifty rose by 0.6 percent and 0.7 percent, respectively on Wednesday to extend gains from the previous session amid optimism that the historic free trade agreement between India and the European Union will give an economic boost for India's export sectors. Today, local equities are seen opening a tad lower as the U.S. Federal Reserve kept its policy rate unchanged, as widely expected, after cutting it at three consecutive meetings during the final months of last year.

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