INR near two-month high as recent strength in equities props up currency

The Indian Rupee rallied to around two-month high against the US dollar today as markets eyed recent strength in the local stock markets and hopes for a US-India trade deal kept overall mood positive for the currency. INR has gained this week despite good strength in the US dollar overseas as the dollar index has vaulted near 99 mark. INR added 5 paise per US dollar to quote at 87.83 per US dollar. It had hit near 87.60 per US dollar mark earlier in the session but gave up amid mild losses in local stock markets. Local equities eased today as the benchmark indices retreated after a six-day rally. NSE Nifty50 index dipped 0.37% as banking stocks gave away some of their latest gains.

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