INR hits six month high against US dollar as break under 83 mark continues

The Indian rupee continued to add to its recent gains as weakness in the US dollar on rising hopes of a Federal rate cut sometime this year is benefitting the local currency. The dollar index eased following the Fed Chief Jerome Powells statement that it will likely be appropriate for the Fed to begin lowering interest rates at some point this year. INR broadly gained in last few days, adding to the strength seen after breaking under 83 per US dollar mark. The supportive undertone in local equities also worked in favor of the currency. The 30-share BSE Sensex hit a record high of 74,151 before ending the session up 408.86 points, or 0.55 percent, at 74,085.99. The broader NSE Nifty index also hit 22,497 before closing up 117.75 points, or 0.53 percent, at 22,474.05. INR currently trades at 82.77 per US dollar, up around 6 paise on the day. It hit near six month high of 82.73 per US dollar in intraday moves. The US dollar index has eased near 103 mark plunging to around one month low. The attention has now shifted to US labour markets as the jobless claims data is due later on Thursday and the all-important non-farm payrolls report for February 2024 will be out tomorrow.

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