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Indian Rupee Strengthens As NIFTY Nears One Week Top

Published on Aug 23, 2023 12:01

The Indian rupee is edging up today, rising for a second session as an impressive spike yesterday continued to support the local currency. The US dollar index that measures the greenback against a basket of currencies is holding well above 103 mark following the mixed cues from Wall Street overnight, as traders continued to remain largely cautious ahead of the key central banking action this week. The INR has recovered from its all-time low levels and added 14 paise yesterday, breaking under 83 mark per US dollar. The local currency currently quotes at 82.93, up marginally. Rising local equities are also boosting the INR as the NIFTY50 index is approaching its one week high above 19400 mark.

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