INR sees good uptick

Indian Rupee saw good appreciation today as tumble in US dollar this week and signs of stability in local equities supported INR. INR is up 19 paise at 86.93 per US dollar, edging back under 87 mark. US dollar index slipped under 104 mark for the first time in four months as investors look forward to US non-farms payroll report for further insights into the economy's health. Dollar index, which measures the greenback against a basket of currencies, is quoting at 103.94, down 0.08% on the day. The index is down over 3% for the week. Meanwhile, yesterday, the European Central Bank lowered the deposit facility rate from 2.75% to 2.5%, marking the sixth rate cut since June of last year. The US dollar also saw a sharp depreciation against the euro as investors anticipated a significant increase in public spending across Germany and other European nations to bolster defense. The US dollar index trades down 0.44% on the day at 103.60.

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