INR rallies to one-week high as markets eye rebound in local exports

Indian Rupee witnessed yet another spurt today, adding to recent wave of appreciation amid a strong undertone in local equities. INR added 53 paise to 89.67 per US dollar, hitting one week high. INR continued to stay supported this week after testing all time low above 91 per US dollar mark. There is some recovery in the US dollar index from two-month low but the INR seems to be drawing comfort from the fact that India's trade deficit narrowed to a five-month low of $24.53 billion in November. There was a sharp spike of nearly 20% in exports in November on annual basis, marking fastest growth in three years. Imports marked a drop of 1.90% too, providing some support to the INR after recent losses. On NSE, the USD/INR futures ended at 89.74 per US dollar, down 0.66% on the day.

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