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INR Slides On Rising Oil Prices; Positive Local Equities Cap Losses

Published on Jul 01, 2024 17:36

The Indian rupee depreciated 11 paise to settle at 83.45 (provisional) against the US dollar on Monday, tracking rising crude oil prices in international markets. However, a firm trend in domestic equity markets, positive manufacturing PMI data and a weak US dollar against major currencies overseas capped the sharp fall. The seasonally adjusted HSBC India Manufacturing Purchasing Managers� Index� (PMI) increased from 57.5 in May to 58.3 in June, thus indicating a sharper improvement in business conditions. The PMI was comfortably above its long-run average. Meanwhile, the benchmark S&P/BSE Sensex ended the session up 443.46 points, or 0.56 percent, at 79,476.19 - extending the ongoing uptrend. The broader NSE Nifty index closed up 131.35 points, or 0.55 percent, at 24,141.95 and the mid-cap and small-cap stocks also saw renewed strength. At the interbank foreign exchange market, the local unit opened at 83.39 and moved between the high of 83.38 and the low of 83.47 against the greenback during the session.

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