Firm local equities push INR higher

The Indian rupee appreciated 10 paise to close at 83.87 (provisional) against the American currency on Thursday, supported by easing crude oil prices and a firm trend in domestic equities. The benchmark S&P/BSE Sensex scaled a fresh record high of 82,285.83 before giving up some gains to close up 349.05 points, or 0.43 percent, at 82,134.61. Markets are awaiting cues from the US GDP and the US Personal Consumption Expenditure (PCE) inflation data, as this data point is crucial since it could sway the Federal Reserve's decision on whether to implement a 25 or 50 basis point rate cut at its September meeting. At the interbank foreign exchange market, the local unit opened at 83.92 and touched an intra-day high of 83.84 against the US dollar.