INR tracks positive cues from local equities; Sensex jumps over 400 points, Nifty settles at 24,750

The Indian rupee snapped its two-day losing streak and closed 7 paise higher at 85.80 (provisional) against the US dollar on Thursday, supported by positive domestic equities and a rise in regional currencies. Domestic shares ended modestly higher with the benchmark S&P/BSE Sensex gaining 443.79 points, or 0.55 percent, to 81,442.04. The broader NSE Nifty index closed up 130.70 points, or 0.53 percent, at 24,750.90 while the BSE mid-cap and small-cap indexes gained 0.4 percent and 0.7 percent, respectively. However, rising international oil prices and dollar index steadying near 99 mark limited much gains in the counter. Meanwhile, market participants are now keenly awaiting the outcome of the Reserve Bank of India's (RBI's) monetary policy meeting for further cues. On the NSE, USDINR pair traded at 85.89, down 0.10% on the day. Overseas dollar under pressure ahead of Fridays jobs data and positive local equities supporting the Indian unit weighed on the counter.

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