INR seen supported by weak greenback; Positive cues from local equities

The Indian rupee gained 7 paise to settle at 90.87 (provisional) against the US dollar on Monday, aided by a sharp fall in global crude oil prices and a weaker greenback amid renewed global trade-related uncertainties. The US Dollar faced intense selling pressure as investors turned anxious over the United States (US) trade policy outlook, following the Supreme Court (SC) ruling against President Donald Trump's tariff policy. However, foreign fund outflows, coupled with geopolitical concerns, capped gains for the local unit. At the interbank foreign exchange, the rupee opened at 90.76 and traded in the range of 90.67-90.89 against the greenback during the session. Equity benchmark indices Sensex and Nifty closed higher on Monday, tracking gains in PSU bank, auto and financial stocks, as investors' sentiments improved after the US Supreme Court struck down the Trump administration's sweeping tariffs. The 30-share BSE Sensex climbed 479.95 points, or 0.58 per cent, to settle at 83,294.66. The 50-share NSE Nifty advanced 141.75 points, or 0.55 per cent, to close at 25,713.

 

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