INR supported by positive cues from domestic equities and weakening of the American currency

The Indian rupee pared initial losses and settled on a positive note on Tuesday, higher by 9 paise at 90.57 (provisional) against the US dollar, supported by positive cues from domestic equities and weakening of the American currency in the overseas market. NIFTY50 index extended the upmove as United States and India reached a framework for an Interim Agreement on reciprocal trade. The index has zoomed near 26000 mark today and is keeping INR supported. The benchmark BSE Sensex rose by 208.17 points, or 0.25 percent, to 84,273.92, extending its rally into a third consecutive session. The broader NSE Nifty index ended up 67.85 points, or 0.26 percent, at 25,935.15 amid the weekly expiry of options contracts. Meanwhile, US dollar index tanked in global markets yesterday and currently quotes flat at 96.71, lingering near one-week low. At the interbank foreign exchange market, the rupee opened at 90.63 against the US dollar, then lost some ground to touch an intraday low of 90.77 and a high of 90.48 against the greenback.

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