Indian Rupee gains marginally, stocks rise after Fed holds rates

Published on Nov 02, 2023 13:24

The Indian Rupee witnessed mild gains today after toppling to record lows in last session as supportive equities and a drop in the US dollar capped losses for the INR. The US dollar jumped yesterday but failed to hold onto gains after the US Fed Chair Powell said that the central bank hasn�t yet reached a decision on how it will proceed at its December meeting after keeping the benchmark interest rates on hold at a nearly two decade high. Risk appetite was buoyed after this and local benchmark equity indices continued to trade with moderate gains in early afternoon trade. The Nifty traded near the 19,100 level. Oil & gas shares rose for the second day in a row. Meanwhile, the Indian Rupee is quoting at 83.25, up 2 paise on the day though it remains well within the record low territory.