INR closes marginally up amid steady gains in equities

Indian Rupee saw tepid moves today and ended marginally up after falling in last session. Local stock markets edged up and the US dollar index also saw lax moves after sliding under 100 mark. This supported the INR broadly but major gains were absent for the local currency. INR currently ended slightly up around 85.57 per US dollar. The US dollar index slipped to around 99.5 on Wednesday, down half a percent on the day and marking its third straight decline. This is the lowest level in two weeks for the US currency as markets are concerned about the US fiscal outlook. Meanwhile, the domestic equity indices ended with modest gains today, snapping a three-day winning streak. Market participants closely tracked global developments and Q4 results. The Nifty settled above the 24,800 level. As per closing provisional data, the barometer index, the S&P BSE Sensex gained 410.19 points or 0.51% to 81,596.63. The Nifty 50 index rose 129.55 points or 0.52% to 24,813.45.

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