INR Recovers Amid Firm Equities And Weak Dollar Overseas; RBI In Focus

The Indian rupee on Thursday recovered 9 paise to close at 83.44 (provisional) against the US dollar, tracking a firm trend in domestic markets and upbeat macroeconomic data. The benchmark S&P Sensex ended the session up 350.81 points, or 0.47 percent, higher at 74,227.63. The broader NSE Nifty index settled 80 points, or 0.36 percent, higher at 22,514.65. All eyes are now glued to RBI monetary policy outcome due tomorrow. A weak US dollar against major crosses overseas also supported the domestic unit. Dollar faced downward pressure and reversed from a near seven week high. The dollar index futures that measures the greenback against a basket of currencies was trading on the sidelines at 103.87 following mixed cues from Fed Powells speech and awaiting further cues from Fridays non-farm data. However, elevated crude oil prices and sustained foreign fund outflows limited upside.

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