INR edges up as NIFTY extends bounce

A sustained upmove in local equities boosted the Indian Rupee today as the currency edged up from record lows against the US dollar. INR has been under stress recently but some buying seems to be supporting the local unit after it fell above 84 per US dollar mark. The INR currently quotes at 83.91 against the US dollar, up 6 paise on the day right now. The NIFTY50 index has managed to hold onto its impressive bounce as lows near 24000 held on and the index moved above 24400 mark today, hitting near one week high. Meanwhile, the US dollar index is giving up after a spired run from seven month lows and currently lingers around 103 mark, modestly in negative territory.

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