INR holds on under 83.50 per US dollar on strength in equities

Indian rupee is staying supported after a modest recovery against the US dollar yesterday amid positive cues from equities. Local stocks scaled up fresh peaks yet again, holding onto recent momentum. Yesterday, INR appreciated 13 paise to settle at 83.44 (provisional) against the US dollar. 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. Meanwhile, the inclusion of India's government bonds into JPMorgan Chase & Co. emerging markets index from today is expected to open up a $1.3 trillion market to a broader range of investors. This is boosting sentiments for equity markets and is pulling INR from record lows against the US dollar. The INR currently trades at 83.45, almost unchanged on the day.

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