INR Settles Near One-Month High; Local Indices Scale To Record High

The Indian rupee appreciated 7 paise to settle at 82.84 (provisional) against the US dollar on Wednesday, a near 1-month high, buoyed by a weak American currency against major rivals overseas and a rally in domestic equities. The 30-share BSE Sensex hit a record high of 74,151 before ending the session up 408.86 points, or 0.55 percent, at 74,085.99. The broader NSE Nifty index claimed 22,497 before closing up 117.75 points, or 0.53 percent, at 22,474.05, helped by strong buying in the last hour of trade. The dollar index pulled back on Wednesday awaiting cues from Powells testimony before Congress later in the global day amid growing expectation of a Federal rate cut. The dollar index that measures the greenback against a basket of currencies was quoting at 103.58, unchanged on the day. However, surging crude oil prices in international markets limit gains in the local currency. At the interbank foreign exchange market, the local unit opened at 82.90 and oscillated between the peak of 82.82 and the lowest level of 82.91 against the greenback during intra-day deals. The currency finally settled at 82.83 (provisional), registering a gain of 7 paise from its previous close.

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