The Indian rupee edged up a bit today following strength in local equities. The currency has come off record low against the US dollar and currently quotes at 87.62, up 12 paise from previous close. On the NSE, USD/INR futures are quoting at 87.69, down 0.10% on the day. The US dollar index is holding around 98.30 mark, holding just under one-week high. Local stocks soared yesterday. The domestic benchmark indices bounced back sharply on Monday, snapping a six-week losing streak as the Sensex and Nifty surged higher. Bargain hunters stepped in after the prolonged decline, though the advance was capped by persistent caution over the risk of US tariffs on Indian goods. Small- and mid-cap counters joined the uptrend, adding muscle to the market’s recovery. The Nifty, which opened at 24,371.50 and briefly dipped to 24,347.45, went on to scale an intraday high of 24,600.85 before closing just shy of the peak.
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