Indian Rupee: INR Sees Good Bounce

21 Apr 2022 , 09:09 AM

The Indian Rupee bounded as a drop in crude oil worked in favor of the INR. The INR gained 29 paise to 76.21 per US dollar. The benchmark indices closed with major gains on Wednesday, breaching five-day losing streak. The barometers had fallen nearly 5% in five trading sessions since 8 April 2022. Auto, oil & gas and IT scrips boosted the market while bank and metal stocks dragged lower. The Nifty index managed to close above 17,100 mark, rising from its intraday low of 16,978.95 attained in the morning trade. The International Monetary Fund (IMF) on Tuesday trimmed Indias economic growth forecast to 8.2% for FY23 from 9% estimated in January, citing the impact of high oil prices on consumer demand and private investments. The Fund also cut Indias FY24 growth forecast to 6.9% from 7.2% estimated earlier.

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