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INR Extends Losing Streak; Firm Local Equities Cushion Downside

Published on Jul 03, 2024 17:29

The Indian rupee extended losing streak and depreciated 4 paise to settle at 83.52 (provisional) against the US dollar on Wednesday, weighed down by elevated crude oil prices. International crude oil prices are hovering around 83 per barrel mark. However, a firm tone in domestic markets and favourable macroeconomic data cushioned the downside. Indian shares rose notably on Wednesday to reach fresh record highs as investors reacted to dovish comments from Federal Reserve Chair Jerome Powell. The benchmark S&P/BSE Sensex hit a new record high of 80,074 in intraday trading before ending the session up 545 points or 0.69 percent, at 79,986. The broader NSE Nifty index also scaled a fresh peak of 24,309 before closing at 24,286, up 162 points, or 0.67 percent, from its previous close. At the interbank foreign exchange market, the local unit opened at 83.51 and hit the intraday high of 83.49 and a low of 83.56 against the American currency during the session.

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