INR gains modestly but still holds above 83.70 per US dollar mark

The Indian rupee edged up a bit after latest tumble. The currency fell to a fresh record low in last session amid sustained weakness in the local stocks following Union Budget. The INR dropped by 7 paise to close at an all-time low of 83.78 against the US dollar. Foreign fund outflows from Indian equities following the government's decision to hike the tax rate on capital gains weighed on the local currency. However, equities edged up today and the US dollar index stayed in red. The benchmark NIFTY50 is up from a three week low seen on the budget day and currently quotes up around 1% at 24650. INR is tracking this and currently trades at 83.72, up 6 paise on the day.

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