Indian Rupee edges up after meltdown in last session

Indian Rupee gained today after a meltdown in last session amid a good recovery in local stocks. INR currently trades up 13 paise at 86.57 per US dollar. Yesterday, the Indian rupee accelerated its fall to log its steepest single-day fall in nearly two years and ended the session 58 paise down at its historic low of 86.62 (provisional) against the US dollar on Monday, weighed down by a stronger American currency and surging crude oil prices. Sharply lower domestic equities also added to mayhem for the local unit. The BSE benchmark Sensex closed down 1,048.90 points or 1.36% at 76,330.01, while the broader Nifty50 of the National Stock Exchange settled lower by 345.55 points or 1.47% at 23,085.95. The fall of nearly 60 paise in one session was the steepest since February 6, 2023. INR is being supported by a moderation in the US dollar index today which currently quotes down 0.35% at 109.43.

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