INR sees volatile action but bearish US dollar offers support
Indian Rupee was volatile moves, giving up some of the recent gains in intraday moves amid weakness in local equities. It closed around 85.53, almost unchanged on the day as deep losses in the US dollar provided some support to the local currency. The US dollar index slipped from a one-week high and extended losses ahead of the producer price index data. Meanwhile, the key equity indices ended with major cuts today, tracking weak global cues. Investor sentiment remained subdued as markets assessed the limited clarity on the U.S.-China trade agreement and monitored escalating geopolitical tensions between the U.S. and Iran, which pushed crude oil prices higher. The Nifty ended below 24,900 level, dropping 1% on the day. On the NSE, USD/INR futures closed at 85.58, up marginally on the day after edging up to 85.70 mark earlier in the session.
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