INR nears 94 per US dollar as NIFTY hits three-month high
Mumbai, Nov. 6 -- Indian Rupee added to recent gains and hit highest in two and half months against the US dollar, almost hitting 94 mark. Local equities firmed up following recent correction in crude oil prices as investors hoped the US will de-escalate the Middle East war after the Democrats swept the midterm elections. INR also benefited from falling US Treasury yields and a weakening dollar overseas. A rebound in inflows from overseas investors in local stock markets also pushed up the INR. The NIFTY50 index hit three-month high above 24700 today and kept INR well supported. On NSE, USD/INR futures are quoting at 94.66, down 0.27% on the day. Meanwhile, SEBI has allowed domestic and foreign investors to trade up to $5M in currency der...
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