INR Supported By Positive Local Equities; Sensex, Nifty Hit New Highs

Published on Jun 27, 2024 17:23

The Indian rupee rebounded well on Thursday tracking positive trend in equity markets. INR appreciated 13 paise to settle at 83.44 (provisional) against the US dollar. Indian shares rose notably to hit fresh record highs despite weak cues from global markets and concerns about high valuations. The benchmark S&P/BSE Sensex zoomed 568.93 points, or 0.72 percent, to close at 79,243.18 amid buying in blue-chip stocks. The broader NSE Nifty index closed at 24,044.50, up 175.70 points, or 0.74 percent, from its previous close. However, strength of the American currency in the overseas market and US dollar demand from oil marketing companies capped sharp gains for the local unit. At the interbank foreign exchange market, the local unit opened at 83.56 and hit the intraday high of 83.43 against the greenback during the session. Meanwhile, global sentiment was fragile amid an impending French snap election and due to anxiety ahead of a major U.S. presidential debate in Atlanta later in the day and the release of U.S. PCE inflation data on Friday.