INR Jumps To Over 2-Month High Tracking Surge In Equities

Published on Jun 03, 2024 17:17

The Indian rupee jumped to over two-month high closing level and settled with a gain of 28 paise at 83.14 (provisional) against the US dollar on Monday, tracking over 3 per cent surge in domestic equity benchmarks after exit poll results predicted a firm comeback of the ruling BJP-led government for the third straight term. Moreover, the steep rise in the local unit was also attributed to a number of positive factors such as strong domestic macroeconomic data, inflow of foreign funds and a weak American currency against major Asian rivals. Also, lower level of the crude oil prices after OPEC+ grouping`s decision to maintain the status quo in the oil output supported the Indian currency.