INR SETTLES HIGHER ; BENCHMARK INDICES FIRM WITH FOCUS ON UNION BUDGET

The Indian rupee appreciated 6 paise to 83.04 (provisional) against the US dollar on Wednesday, supported by a firm trend in domestic equities. The benchmark S&P BSE Sensex jumped 612.21 points, or 0.86 percent, to 71,752.11 while the broader NSE Nifty index settled 203.60 points, or 0.95 percent, higher at 21,725.70. Market participants remained cautious ahead of the interim Budget, scheduled to be presented on February 1. However, strengthening American currency in the overseas market capped the sharp gain in the local unit. At the interbank foreign exchange market, the local unit opened at 83.11 against the greenback. The unit hit an intraday low of 83.12 and a high of 83.01. Meanwhile, the International Monetary Fund (IMF) has raised India`s FY25 and FY26 GDP growth forecasts and expressed optimism that the likelihood of a hard landing for the global economy has receded.

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