INR clocks modest gains amid trade deal hopes

Indian Rupee added decent gains today amid a recovery in local equities. INR rose 16 paise at 88.57 per US dollar, yet again managing to recovery after falling near record low against the US currency in last few sessions. Meanwhile, the US dollar index trades at 99.50 today, almost unchanged on the day. Lack of major economic cues is capping the movement in the dollar. Meanwhile, the domestic equity benchmarks ended with moderate gains today, gaining for second day in a row. The Nifty settled above the 25,650 mark as markets were hopeful about external trade developments. The US President Donald Trump said on Monday the United States was getting close to reaching a deal with India that would expand economic and security ties between the two countries. On the NSE, USD/INR futures closed at 88.64, down 0.17% on the day after nearing 88.60 mark in intraday moves.

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