INR sees marginal gains, NIFTY hits highest in one and half weeks

Published on May 17, 2024 11:46

The Indian rupee edged up marginally today but remains in an overall a narrow range. The dollar index rose for a second straight day to above 104.5 on Friday after recent losses. Dollar has dropped as signs of cooling inflation and slowing momentum for the broader economy reinforced expectations for Federal Reserve interest rate cuts this year. The INR currently quotes at 83.47, up 3 paise on the day. Traders are eying gains in local equities. The NSE Nifty index soared sharply yesterday, adding around 0.90% on the day and continued to surge today as well. NIFTY hit a one and half week high around 22480 mark, keeping INR supported.