INR gains mildly, NIFTY off one week low

The Indian rupee saw a sustained pullback as recovery from record low levels hit last week stayed in place. INR tracked flat moves in US dollar index which eased a bit after its recent run up. The dollar index futures are holding at 105.50 mark. The local equity markets are witnessing choppy moves but NIFTY50 index edged up from a one week low today and kept the INR supported. The Rupee currently quotes at 83.50 per US dollar, up 7 paise on the day. Meanwhile, after hitting all-time high levels following continuous gains, Indias foreign exchange (forex) reserves fell $2.922 billion to $652.895 billion during the week ended June 14, according to the latest data from the Reserve Bank of India (RBI). This decline follows a significant increase of $4.307 billion in the previous reporting week, which pushed the reserves to a record high of $655.817 billion after several consecutive weeks of gains.

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