INR softens marginally, firm local equities can cap losses

Indian Rupee eased a bit after hitting one and half week high against the US dollar as overall undertone remained choppy ahead of the year-end. However, the US dollar index has slumped under 98 mark and is approaching around three-month lows. This could cap losses in INR. Local equities are also holding firm just under record highs. INR currently quotes at 89.68 per US dollar, down 3 paise on the day. Economic outlook is positive for India. Reserve Bank of India (RBI) has stated that bolstered by strong domestic demand, the economic growth has been robust. Benign inflation outlook provided adequate space for monetary policy to support growth. On NSE, USD/INR futures are trading at 90.30, up 0.09% on the day, having tested under 89.70 mark in early trades.

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