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INR Supported Ahead Of IIP And CPI Data, NIFTY50 Hits Three Week High

Published on Oct 12, 2023 12:25

The Indian rupee continued to add to latest gains against the dollar amid broad weakness in greenback overseas coupled with sustained upmove in local equities. Risk appetite is holding on. Asian stock markets are trading higher on Thursday, reflecting the broadly positive cues from Wall Street overnight, after the minutes of the US Fed`s latest monetary policy meeting reiterated that a majority of participants expect one more interest rate hike will likely be appropriate before the end of the year. This has pulled the US dollar index well below 106 mark as it sank to a two week low near 105.30. Rupee is edging up against the dollar and currently quotes up marginally at 83.17 per dollar. Meanwhile, the NIFTY50 index has dashed up to near three week top and is keeping the momentum supported for INR against key economic releases today- the index of industrial production and consumer price index. On the NSE, the USDINR futures are trading at 83.22, down 0.04% on the day in an overall thin trading session.

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