INR hits 83.30 per US dollar mark in intraday moves

The Indian rupee is witnessing modest losses today but stayed in a range amid positive cues from local equities. Meanwhile, broad economic cues were also supportive for the local currency. Economic growth across India's private sector continued to strengthen in April. According to the HSBC Flash India PMI data, positive demand trends fueled new business intakes and output. In both cases, rates of expansion were the fastest in close to 14 years. Rising from 61.8 in March to 62.2 in April, the headline HSBC Flash India Composite PMI Output Index a seasonally adjusted index that measures the month-on-month change in the combined output of India's manufacturing and service sectors indicated the fastest rate of increase in aggregate business activity since mid-2010. INR is currently quoting at 83.38 against the US dollar, down 2 paise on the day after testing 83.30 mark in intraday trades. The US dollar index holds around 106 mark amid lack of major US economic cues and continued worries over Middle East.

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