INR RECOVERS FROM LIFETIME LOWS; SUPPORTED BY POSITIVE EQUITIES

Published on Oct 14, 2024 17:08

The Indian rupee recovered from its all-time low levels and appreciated 4 paise to close at 84.06 (provisional) against the US dollar on Monday supported by strong domestic equity markets. Indian shares rose notably on Monday after major U.S. indexes reached record closing highs on Friday, buoyed by strong earnings results from the likes of JPMorgan Chase and Wells Fargo, and a benign producer price inflation reading. A sharp drop in oil prices also boosted sentiment after China reported disappointing inflation and trade balance figures and made a stimulus announcement over the weekend that failed to inspire confidence among investors. The benchmark 30-share BSE Sensex surged 591.69 points, or 0.73 percent, to 81,973.05 while the broader NSE Nifty index ended up 163.70 points, or 0.66 percent, at 25,127.95. However, rupee was weighed down by the strong US dollar and elevated crude oil prices.