The Indian rupee saw good appreciation today as a recovery from record low extended. INR neared 86.20, up 22 paise on the day. The US dollar index slumped today as markets eyed US labor market developments and also kept focus on the near term interest rate outlook. US President Donald Trump stated yesterday that he demanded that interest rates should be dropped immediately. This took a toll on the US dollar index as it continued to fall from around two year high. Meanwhile, local equity indices ended a volatile session with substantial losses on Friday. This downturn was primarily driven by continued record outflows from foreign institutional investors (FIIs), which put pressure on large-cap stocks. Additionally, mixed Q3 results and uncertain global cues contributed to the market's weakness. The Nifty settled below the 23,100 level after hitting the day's high of 23,347.30 in early afternoon trade. Media, realty and oil & gas shares corrected while FMCG and IT stocks advanced.
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