Indian Rupee: NSE Futures Hover Around 67 Levels

A firm undertone in local equities supported the Indian Rupee after the local currency plunged to its lowest levels in nearly 14 months earlier this week. The USD/INR pair moved after falling near 68 levels and the Rupee is currently hovering around 66.80 mark, up around 0.20% on the day against the US Dollar. The USD/INR futures on the NSE are holding around 67 levels, almost flat on the day after testing around 67.20 in last session. While the local equities are rising, the US dollar is also gaining and that seems to be also weighing on the sentiments. US dollar index is also trading firm around 91.50 levels after latest recovery amid supportive US economic data.

Local shares came off days high and were trading in a range in mid-morning trade. At 11:18 IST, the barometer index, the S&P BSE Sensex, was up 268.83 points or 0.77% at 34,982.43. The Nifty 50 index was up 75.55 points or 0.71% at 10,693.35. The Sensex pared gains after hitting the psychologically important 35,000 mark in morning trade. Shares were trading higher amid encouraging Q4 earnings so far and positive global cues. Continuous buying by domestic institutional investors also boosted sentiment. Overseas, Asian shares rose after US equities were buoyed by solid earnings results and a rebound in technology stocks as US bond yields pulled back. Meanwhile, Euro was hovering near three-month lows after the European Central Bank kept interest rates unchanged.