INR Extends Upside On Firm Trend In Local Equities

The Indian rupee added further gains on Tuesday, registering an appreciated of 3 paise against the US dollar, tracking a firm trend in domestic equities amid stable global crude oil prices. Indian shares hit fresh record highs on Tuesday, with private banks leading the surge. The benchmark S&P/BSE Sensex ended the session up 712 points, or 0.92 percent, at 78,053, after having hit a fresh record high of 78,165 earlier in the session. Likewise, the broader NSE Nifty50 touched a record high of 23,754 before closing at 23,721, up 183 points, or 0.78 percent, from its previous close. RBI data showed India's current account balance recorded a surplus of $5.7 billion, or 0.6 percent of GDP in the January-March 2024 quarter, driven by a lower merchandise trade deficit. However, a strengthening American currency in the overseas market weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.46 and hit the intraday high ..