INR breaks under 88 per US dollar mark amid sustained gains in equities

Indian Rupee logged modest gains against the US dollar today as local equities continued to stay firm. The Nifty index ended higher for the third consecutive week, posting its largest weekly gain in four months last week. The index saw further upmove today and hit around one-year high above 25900 mark. This kept INR supported, pulling it under 88 per US dollar mark. INR added 9 paise at 87.93 per US dollar after hitting a high of 87.74 per US dollar in intraday moves. The INR gave some gains in afternoon as the US dollar index broke above 98 mark and currently quotes at 98.32, up 0.13% on the day.

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