INR Extends Gains Amid Budget Optimism; Firm Trend In Equities

The Indian rupee extended to the weekend and appreciated 7 paise to close at 82.91 (provisional) against the US dollar, supported by a firm trend in domestic equities and a weak greenback against major currencies overseas amid rising appetite for riskier assets. . The 10-year benchmark bond yields are trading below 4% while dollar index has also given up recent highs and are currently quoting at 102.82. The interim Budget 2024-25, especially the focus on fiscal prudence, left a positive impact on the domestic currency. At the interbank foreign exchange market, the local unit opened at 82.91 against the greenback. The unit hit an intraday high of 82.82 and a low of 82.93. The benchmark S&P BSE Sensex rose 40.33 points, or 0.61 percent, to 72,085.63 while the broader NSE Nifty index settled 156.35 points, or 0.72 percent, higher at 21,853.80.

 

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