INR back above 87 per US dollar mark even as NIFTY hits one week high

Indian Rupee is weak today, giving up some of the latest gains and fell back above 87 per US dollar mark. The US dollar index took a tumble yesterday, sliding heavily to test around four month low. This offered modest support to the INR initially but the local currency soon turned around and currently trades down 6 paise at 87.12 per US dollar. Firm Indian equities did not support the INR much as global trade unrest and tepid economic cues weighed on the INR. The HSBC India Composite PMI eased to 58.8 in February 2025 from 60.6 (flash) but stayed above January's 57.7, marking 43 consecutive months of expansion. Services activity accelerated, while manufacturing hit a 14-month low. INR has eased today even as the benchmark NIFTY50 index zoomed up to one week high. On the NSE, the benchmark USD/INR futures are quoting at 87.24, up 0.07% on the day.

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