INR climbs on positive domestic equities; dollar weakness overseas

The Indian rupee appreciated 24 paise to close at 86.81(provisional) against the US dollar on Monday on positive domestic equities and weakness of the American currency in the overseas market. Local shares closed higher on Monday after U.S. Treasury Secretary Scott Bessent said he is "not worried" about the recent market downturn and China announced plans featuring measures to boost wages and stabilize stock and real estate markets. The benchmark 30-share BSE Sensex ended the session up 341.04 points, or 0.4 percent, at 74,169.95. The broader NSE Nifty index closed up 111.55 points, or half a percent, at 22,508.75. Weakness in the US dollar and positive global markets also supported the counter. However, surge in crude oil prices capped sharp gains for the local unit. At the interbank foreign exchange, the rupee opened at 86.90 then touched an intraday high of 86.76 and a low of 86.90 against the greenback. The unit ended the session at 86.81 (provisional) against the dollar, registering a gain of 24 paise from its previous closing level.

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