Indian Rupee nears four-week high against US dollar, weak equities cap advances

Indian Rupee saw modest gains today as sentiments continued to stay supported after announcement of a deal between India and the US to cut the highest US tariff rate imposed on any major economy. INR currently quotes at 90.32, appreciating 13 paise on the day. It hit near 90 per US dollar mark, approaching around four-week high. INR held steady despite firm US dollar. The US dollar index edged up above 97 mark today, adding to recent gains as the index moved up further from four-year low. However, local stocks stay under stress. The key equity benchmarks ended with significant losses today, snapping a three-day rally as investors booked profit at elevated levels. The broader market also mirrored weak trends to trade under pressure.

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