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INR Gains For Fifth Straight Session

Published on Jan 09, 2024 17:44

Rising for the fifth straight session, the rupee appreciated 3 paise to close at 83.11 (provisional) against the US dollar on Tuesday, tracking positive equity market and foreign fund inflows. The benchmark S&P BSE Sensex breached the 72,000 mark earlier in the day before giving up all gains to end the session up 31 points at 71,386.21. The broader NSE Nifty index settled 32 points higher at 21,544.85, after having hit a high of 21,724 earlier. At the interbank foreign exchange market, the local unit opened strong at 83.07 and traded between the peak of 83.04 and the lowest level of 83.13 against the greenback during the session. Meanwhile, a decline in U.S. consumer inflation expectations kept the dollar rally in check on Tuesday as traders reaffirmed their bets for a slew of Federal Reserve rate cuts this year. The U.S. dollar index , which measures the currency against a basket of six currencies, was little changed at 102.21, having risen 1% last week.

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