INR fails to sustain gains

The Indian rupee depreciated 2 paise to 86.40 against the US dollar in early trade on Wednesday, amid outflow of foreign funds and higher international crude oil prices. However, positive local equities and broad dollar weakness limited fall in the counter. Indian shares rose notably on Wednesday, mirroring firm global cues after U.S. President Donald Trump announced trade agreements with Japan and the Philippines, easing concerns about the tariff war. The BSE Sensex surged 539.83 points, or 0.66 percent, to 82,726.64 while the broader NSE Nifty index closed up 159 points, or 0.63 percent, at 25,219.90. At the interbank foreign exchange, the domestic unit opened weak at 86.46 and recovered to a high of 86.34 against the greenback during the day. On the NSE, USDINR futures ended almost flat at 86.46.

 

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