INR recovers lost ground supported by firm trend in local equities

The Indian rupee appreciated 10 paise to close at 84.31 (provisional) against US dollar on Monday, supported by a firm trend in domestic equities amid improved investor risk appetite. Domestic shares ended Monday's session sharply higher after BJP-led alliance scored significant victory in the Maharashtra state assembly elections, raising expectations for increased government spending to boost domestic demand. Positive cues from global markets also boosted sentiment after Donald Trump nominated Scott Bessent, a billionaire hedge fund manager and an advocate for deficit reduction, to lead the U.S. Treasury Department. The benchmark S&P/BSE Sensex ended the session up 992.74 points, or 1.25 percent, at 80,109.85 while the broader NSE Nifty index settled at 24,221.90, up 314.65 points, or 1.32 percent, from its previous close. At the interbank foreign exchange, the rupee opened at 84.38 and touched an intra-day high of 84.25 against the greenback. The unit ended the session at 84.31 (provisional) against the dollar, registering a rise of 10 paise over its previous close.

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