INR gains despite selling in local stocks

Indian Rupee edged up a bit today after recent slide as weak economic cues clubbed with falling US dollar index supported the currency. INR currently quotes at 83.40 per US dollar, up 6 paise on the day. Rupee gained despite selling in local equities. The Indian manufacturing sector started the first fiscal quarter in a high gear, according to the latest HSBC PMI data. Operating conditions improved at the second-fastest pace in three-and-a-half years, supported by buoyant demand. Despite falling from 59.1 in March to 58.8 in April, the seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) signaled the second-best improvement in the health of the sector for three-and-a-half years. The PMI was comfortably above both the neutral mark of 50.0 and its long-run average (53.9).

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