INR surges on the back of dollar weakness overseas
The Indian rupee rose 34 paise to 85.75 (provisional) against the US dollar on Thursday on the back of a sharp drop in the greenback and a strong show in the domestic equity markets amid rise in risk appetite. The dollar index plunged under 97 mark on Thursday, its lowest level in more than three years amid easing geopolitical tensions and expectations of Federal Reserve rate cuts. US President Trump mediated ceasefire between Israel and Iran reduced safe haven appeal for the greenback. Meanwhile, domestic markets rose by around a per cent each, while a broad decline in crude oil prices too favoured the domestic currency. Indian shares rallied on Thursday to extend gains for a third straight session as optimism around a possible Israel-Iran ceasefire prevailed and the dollar weakened on speculation that U.S. interest-rate cuts may come sooner than expected. The benchmark 30-share BSE Sensex surged 1,000.36 points, or 1.21 percent, to 83,755.87 while the broader NSE Nifty index closed at 25,549, up 304.25 points, or 1.21 percent, from its previous close. On the NSE, USDINR futures ended lower by 0.38% at 85.75.
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