INR rebounds to near 7-week high tracking positive cues from equities

The Indian rupee appreciated for the third consecutive session and registered gains of 26 paise to close at 86.55 (provisional) against the US dollar on Tuesday, amid positive domestic equity markets and a weak American currency. The local unit jumped to its highest level in nearly 7 weeks as dollar stayed pressured on disappointing economic data from the US. Moreover, the strength of the Asian currencies also supported the rupee. However, a surge in crude oil prices capped some of the gains. At the interbank foreign exchange, the rupee witnessed high volatility. It opened at 86.71 then touched the intraday high of 86.54 and the low of 86.78 against the greenback. Indian shares rallied on Tuesday to scale a one-month peak, mirroring firm cues from global markets after data showed U.S. retail sales rebounded marginally in February, helping ease recession concerns. The benchmark 30-share BSE Sensex jumped 1,131.31 points, or 1.53 percent, to 75,301.26 while the broader NSE Nifty index closed at 22,834.30, up 325.55 points, or 1.45 percent, from its previous close.

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