Indian Rupee saw good gains today, adding to recent strength against the US dollar as firm local equities boosted the currency. INR currently quotes at 86.05 per US dollar, up 28 paise on the day and hitting near two month high. The local stock benchmarks traded with substantial gains in early-afternoon trade. The Nifty traded above the 23,350 mark and hit a near seven week high. The US dollar index is off its five month high and holds firm around 103.60 mark but the INR has been supported this week, largely shrugging off the strength in the US dollar amid a 4% spike in the NIFTY. INR also benefited from signs that overseas portfolio investors may be returning to the local equities.
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