INR snaps three-day losing streak to end with good gains

The Indian rupee snapped its three-day losing streak and settled for the day higher by 70 paise at 85.25 (provisional) against the US dollar on Friday, on a sharp fall in the dollar index and surge in domestic equities, amid rise in risk appetite for riskier assets. The benchmark S&P BSE Sensex jumped 769.09 points, or 0.95 percent, to 81,721.08. The broader NSE Nifty index closed up 243.45 points, or 0.99 percent, at 24,853.15 after U.S. President Donald Trump's "big, beautiful" tax bill passed the U.S. House of Representatives in a major win for Republicans. The rupee which had lost 53 paise in the last three trading sessions, settled with significant gains on Friday largely supported by the weakness of the American currency in the overseas market. However, a slight recovery in crude oil prices and foreign fund outflows capped the appreciation bias in the local unit to some extent.

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