INR SETTLES HIGHER AMID FIRM SUPPORT FROM LOCAL EQUITIES

Published on Jul 12, 2024 16:54

The Indian rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 83.52 (provisional) against the US dollar on Friday, as the support from firm domestic equities was negated by elevated crude oil prices. The benchmark S&P/BSE Sensex surged nearly 1,000 points intraday to hit a record high of 80,893 before finishing up 622 points, or 0.78 percent, at 80,519. The broader NSE Nifty index closed at 24,502, up 186 points, or 0.77 percent, from its previous close ahead of the release of retail inflation data and industrial output data. Rupee inched higher as domestic equities touched fresh all-time highs and a weak tone in the US dollar supported the local unit. At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.53, and touched an intraday high of 83.49 and a low of 83.55 against the American currency during the session.