INR softens depsite local equities hitting record highs

The Indian rupee yet again eased against the US dollar on Wednesday as firm crude oil prices weighed on the sentiments. However, sustained gains in local stocks offered some support to the INR. WTI Crude oil prices hit a two-month high yesterday and stayed supported today also. Meanwhile, the Fed chair Jerome Powell stated on Tuesday that the US is progressively slowing, but more data is needed before cutting rates to confirm that recent lower inflation readings accurately reflect the economy. This kept the US dollar index in a tight range around 105.50 mark and put some pressure on the INR. Rupee is currently quoting at 83.55, down 7 paise on the day. Meanwhile, local equities hit fresh highs. The benchmark S&P/BSE Sensex broke above 80000 level while NSE Nifty index scaled up above 24300 in intraday moves.

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