INR lingers around 95 per US dollar mark

The Indian Rupee saw tight moves on Monday after recent spate of declines that weighed the currency down by persistent importer hedging demand. The INR currently quotes at 94.91 per dollar, down 7 paise on the day. The US dollar index is flat around 98 mark while local equities are up impressively as political scenario is dominating sentiments. Broad outlook is mixed for INR though as India's fiscal deficit target of 4.3% for the current financial year may be difficult to achieve, Chief Economic Advisor (CEA) V Anantha Nageswaran warned on Saturday. The focus will stay on crude oil prices in near term while a sustained rebound in local stocks may provide some support to the rupee after it neared record lows against the US dollar.

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