INR stays weak, local stocks pull back from record highs

The Indian rupee moved in a thin range but was overall weak as local equities eased in intraday moves. Currency markets are choppy ahead of the key US inflation data due later in the global day. The US dollar index is trading marginally lower at 104.70 but INR continued to edge lower towards record lows. Meanwhile, local equities have pulled back after hitting record highs this week. The benchmark NSE Nifty index closed down 0.45% from its previous close in last session. It pulled back today also and currently quotes down 0.22% at 24270 right now. INR is holding at 83.53, down marginally on the day against the US dollar amid these cues.

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