Indian Rupee: Equities to dictate price action

Indian Rupee eased yesterday amid weak equities. The local shares dipped further with the NIFTY 50 index adding to losses under 25000 mark. INR closed at 85.60, down 18 paise on the day. INR could see steady movement in near term with equities dictating the trends in price action. Meanwhile, the combined Index of Eight Core Industries increased by 0.5% (provisional) in April, 2025 as compared to the Index in April, 2024, marking a sharp moderation from the previous month. India~s forex reserves are putting on a good show and jumped by USD 4.553 billion to USD 690.617 billion for the week ended May 9 on the back of a steep increase in gold assets, the RBI has noted. For the week ended May 9, foreign currency assets, a major component of the reserves, increased by USD 196 million to USD 581.373 billion, the latest data showed.

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