Inr Loses Further Ground As Dollar Sees Mild Uptick

The Indian rupee continues to lose ground amidst mild recovery in dollar overseas in addition to rising international crude oil prices. INR depreciated 25 paise and settled for the day at 85.44 (provisional) against the US dollar on Wednesday. The American currency recovered, supported by Donald Trump's softened stance particularly towards the Federal Reserve and China. The dollar index that measures the greenback against a basket of currencies bounced from a three year low briefly above 99 mark and is currently quoting at 98.95, up 0.26% on the day. However, positive domestic markets and foreign fund inflows supported the domestic unit at lower levels. Indian shares rose notably on Wednesday due to easing trade tensions and U.S. President Donald Trump's softer stance towards the Fed chairman. The benchmark S&P/BSE Sensex surged 520.90 points, or 0.65 percent, to 80,116.49, reclaiming the psychological 80,000 mark for the first time in over three months. The broader NSE Nifty index closed at 24,328.95, up 161.70 points, or 0.67 percent, from its previous close.

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