INR Buoyed By Firm Trend In Domestic Equities

The Indian rupee appreciated 13 paise to settle at 83.42 (provisional) against the US dollar on Tuesday, buoyed by fresh inflow of foreign capital and a firm trend in domestic equity markets. The benchmark S&P/BSE Sensex rose 308.37 points, or 0.40 percent, to 77,301.14 – extending gains for a fourth straight session on the back of firm global cues and expectations that the government is considering income tax rate cuts in the upcoming Budget. The broader NSE Nifty index closed at 23,557.90, up 92.30 points, or 0.39 percent, from its previous close. However, higher crude oil prices capped the gains in the local unit. At the interbank foreign exchange market, the local unit opened at 83.52 and hit the intraday high of 83.39 against the greenback during the session.