INR sees modest losses, NIFTY hits two week high

The Indian rupee saw modest losses today but broadly held in a range as local stocks soared. The INR has come off record lows against the US dollar this week but firmness in the US dollar index has capped advances for the local unit. US dollar index continues to stay above 104 mark ahead of crucial inflation data in the form of upcoming US PCE price index. Rupee declined by 4 paise to close at 83.33 against the US dollar on Wednesday and currently trades down 3 paise at 83.36 per US dollar. Local stocks jumped today with the benchmark Nifty 50 index hitting two week high around 22370 mark.

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