The Indian Rupee continued to see a tight action. INR ended at 77.57, almost unchanged on the day. The minutes of the last US monetary policy meeting have indicated that most participants judged that 50 basis point increases in the target range would likely be appropriate at the next couple of meetings. The minutes also noted that policy may have to move past neutral and into restrictive territory. All participants reaffirmed their strong commitment and determination to take the measures necessary to restore price stability. Local stocks saw good buying though. The key equity benchmarks ended with strong gains after a volatile session on Thursday. Banks, metals and financials advanced while FMCG shares lagged behind. Trading was volatile due to expiry of monthly F&O contracts on the NSE.
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