The Indian Rupee saw a sizable drop today in afternoon trades as the local equity markets showed signs of correcting after recent rally. The INR also tracked a modest rebound in the US dollar index as it rose above 112 mark. Some heavy activity was seen in the local interbank fx market as the USD-INR rose near 83 mark after a period of relative calm over the last few days. The next week will be a truncated one due to Diwali holidays and INR is refusing to see much upside despite a near 2% rally in NIFTY this week. The INR is currently quoting at 82.85 per US dollar, down around half a percent on the day. It hit a fresh low of 82.88 per US dollar as the NIFTY came off its four week high above 17600. Powered by Commodity Insights
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