INR gains modestly, local equities up after falling for three sessions

Indian rupee edged up a bit against the US dollar in early moves today as the US dollar slipped after hitting an over 5-month high. A positive undertone in equities and easing international crude oil prices also offered some support for the local unit and the INR currently quotes at 83.53 per US dollar, up 8 paise on the day. The local equities are up after sliding for three sessions with the Nifty adding 0.60% on the day. The US dollar futures are quoting at 105.60, down 0.15% on the day. Meanwhile, a more than 3% slide in WTI Crude oil futures in overnight trades also strengthened INR. With no major economic cues in sight on domestic front this week, the undertone could stay choppy for the local currency.

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