Inflow of foreign funds and positive domestic equity markets drives INR higher

The Indian rupee rose 5 paise to close at 90.67 (provisional) against the US dollar on Wednesday driven by inflow of foreign funds and positive domestic equity markets. Indian shares ended a choppy session slightly higher on Wednesday after some late-session buying. A cautious undertone prevailed amid fears of Artificial Intelligence led disruption and fading hopes of an early interest rate cut by the U.S. Federal Reserve. Investors are increasingly worried that artificial intelligence could disrupt multiple industries, not just information technology services. The benchmark BSE Sensex swung between gains and losses before closing up 283.29 points, or 0.34 percent, at 83,734.25. The broader NSE Nifty index settled 93.95 points, or 0.37 percent, higher at 25,819.35. However, higher global crude oil prices and a strengthening greenback capped sharp gains in the local unit. At the interbank foreign exchange, the rupee opened at 90.60 against the US dollar and traded in a narrow range of 90.60-90.71 before settling at 90.67 (provisional), higher by 5 paise against its previous close.

 

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