Indian Rupee Gains Under 83.50 Per US Dollar Mark

Indian Rupee gained today as local equities stayed supported and the US dollar index eased from near two month top. INR currently quotes at 83.46, up 11 paise on the day. INR has hit record lows recently but continues to see some support amid sustained rally in local equities. NIFTY hit a fresh high above 24000 mark in intraday moves today. Meanwhile, Indias current account balance recorded a surplus of US$ 5.7 billion (0.6 per cent of GDP) in Q4:2023-24 as against a deficit of US$ 8.7 billion (1.0 per cent of GDP) in Q3:2023-241 and US$ 1.3 billion (0.2 per cent of GDP) a year ago [i.e., Q4:2022-23]. The merchandise trade deficit at US$ 50.9 billion in Q4:2023-24 was lower than US$ 52.6 billion a year ago.

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