The Indian rupee is on an extended winning streak and is seen under Rs 85 per dollar mark on Tuesday morning for the first time since December 2024. Rupee opened at Rs 85.06 /$ and briefly climbed to a high of 84.96 before easing back to 85.02 so far during the day. Investors react to positive macroeconomic data that showed India's industrial production rose 3.0 percent year-over-year in March, faster than the revised 2.7 percent growth in February. Moreover, benchmark indexes Sensex and Nifty jumped over 1 percent each on Monday and foreign institutional investors (FIIs) remained net buyers for the ninth straight session. Yesterday, INR appreciated 38 paise to close at 85.03 against the US dollar, supported by sustained foreign fund inflows, easing crude oil prices and a bullish trend in domestic equities.
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