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INR Extends Gains Under 83/$ Mark Amid Massive Strength In Equities

Published on Feb 20, 2024 17:30

The Indian rupee appreciated 6 paise to settle at 82.95 (provisional) against the US dollar on Tuesday, amid robust equity market sentiment and a weak American currency. The benchmark S&P BSE Sensex ended the session up 376.26 points, or 0.52 percent, at 72,426.64, mirroring gains in the global markets. The broader NSE Nifty index settled 129.95 points, or 0.59 percent, higher at 22,040.70. Sharp decline in international crude oil prices also supported the domestic unit although sustained outflow of foreign funds capped a sharp gain in the domestic currency. At the interbank foreign exchange market, the local unit opened at 83.02 and touched the intraday high of 82.91 against the greenback. Meanwhile, dollar index returned mild gains made earlier in the day and is down 0.13% at 104.05 as all eyes are glued to FOMC minutes due this week for further cues. The minutes are expected to provide clarity following higher than expected US CPI and PPI data last week.

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