Rupee stays well supported as equities hit fresh highs

Indian Rupee hit fresh two month high against the US dollar today, gaining further as local equities soared. INR hit 83.48 per US dollar in intraday moves and is up 10 paise at 83.56 per US dollar compared to previous close. The US dollar index stayed slippery after a volatile movement over last two sessions. The US dollar is failing to hold onto one week highs above 101 mark following Federal Reserves jumbo interest rate cut. The domestic equity indices ended at a record high level on Friday, rising for the second day in a row. The Nifty closed above the 25,750 mark. Barring the Nifty PSU Bank index, all the other sectoral indices on the NSE ended in the green. As per provisional closing, the S&P BSE Sensex, climbed 1,359.51 points or 1.63% to 84,544.31. The Nifty 50 index advanced 375.15 points or 1.48% to 25,790.95. The Sensex and Nifty clocked an all-time high of 84,694.46 and 25,849.25, respectively in afternoon trade. Further, the Nifty Bank also hit a life high of 54,066.10.

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