INR RECOVERS FROM LIFETIME LOWS TRACKING POSITIVE LOCAL EQUITIES

Published on Dec 05, 2024 17:32

The Indian rupee recovered from its all-time low level and settled for the day with gains of just 3 paise at 84.72 (provisional) against the US dollar in a range-bound trade on Thursday, amid a positive trend in domestic equities. Local shares rallied on Thursday as weaker-than-expected U.S. private sector employment and service sector activity data contributed to optimism about the outlook for interest rates. Investor sentiment was also supported by foreign institutional investors (FIIs) turning net buyers in Indian equities in recent sessions and expectations of a dovish monetary policy by RBI. The benchmark S&P BSE Sensex jumped 809.53 points, or 1.00 percent, to 81,765.86, extending gains for a fifth day running. The broader NSE Nifty index closed at 24,708.50, up 240.05 points, or 0.98 percent, from its previous close. However, a positive US dollar capped a sharp upside. At the interbank foreign exchange, the rupee opened at 84.72, moved in a narrow range and touched an intraday high of 84.70 and a low of 84.74 against the greenback.