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INR Quotes Just Under 83.50 Per US Dollar Mark
Indian Rupee is holding near record lows though a deep slide in crude oil prices recently is capping the weakness for INR. The local currency trades at 83.46, down 2 paise on the day amid an overall choppy range. WTI Crude oil tanked more than 3% yesterday to test six week low. The Indian manufacturing sector started the first fiscal quarter in a high gear, according to the latest HSBC PMI data. With sales expected to remain positive, buying levels were raised and input stocks lifted to one of the greatest extents seen in over 19 years of data collection. Despite falling from 59.1 in March to 58.8 in April, the seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) signaled the second-best improvement in the health of the sector for three-and-a-half years. The PMI was comfortably above both the neutral mark of 50.0 and its long-run average (53.9).