INR extends gains amid weak dollar overseas; Positive cues from equities support

The Indian rupee is extending gains against the dollar in opening trades on Monday, tracking weakness in dollar overseas and positive cues from local equities. INR opened at Rs 90.66 per dollar and hit a high of 90.44 so far during the day. On Friday, rupee declined 31 paise to settle at 90.65 against the US dollar, weighed down by geopolitical uncertainties over the US-Iran talks, and a sharp rise in global crude oil prices. The Reserve Bank of India decided to hold its benchmark rates on Friday, as economic growth momentum is expected to be sustained, with the signing of a trade deal with the EU and the progress made on US trade agreement. At the meeting, the Monetary Policy Committee, governed by Sanjay Malhotra, unanimously decided to keep the policy repo rate unchanged at 5.25 percent. Meanwhile, Indian shares turned in a mixed performance on Friday with investors digesting the Reserve Bank of India's rate decision and views on the economy, in addition to reacting to the earnings updates. The benchmark BSE Sensex ended the session with a gain of 266.47 points or 0.32% at 83,580.40 while the National Stock Exchange's Nifty50 settled with a gain of 50.90 points or 0.2% at 25,693.70.

 

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