INR Edges Up Marginally As Equities Extend Relentless Rally

Published on Dec 04, 2023 11:31

The Indian Rupee edged up today in early moves as firm local equities boosted the sentiments after the currency clawed back from a record low against the US dollar last week. INR hit 83.29 per US dollar in intraday moves and currently trades marginally up at 83.32 per US dollar. India`s benchmark indexes opened at fresh all-time highs on Monday, following last week�s upbeat domestic macroeconomic data. The ruling Bharatiya Janata Party`s victory in key state elections also offered a good support to the sentiments. Meanwhile, India�s foreign exchange reserves jumped $2.538 billion to hit a three-month high of $597.935 billion during the week ended November 24, according to the latest RBI data. In the week before that, the overall reserves had jumped $5.077 billion to $595.397 billion. According to the latest RBI data for the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.531 billion.