Mumbai: The Indian Rupee settled higher against US dollar on Monday. The local currency opened lower pressured by increasing tensions on the border, the renewed US Dollar (USD) demand following the optimism between US-China trade talks and a jump in crude oil prices . However, continuing FPI flows into the domestic equity markets and better-than-expected corporate earnings supported the local currency.
The USD/INR pair resumes its uptrend as the pair crosses above the key 100-day Exponential Moving Average (EMA). Nonetheless, the 14-day Relative Strength Index (RSI) hovers around the midline, suggesting that further consolidation cannot be ruled out. Sustained upside momentum past the upper boundary of the trend channel at 86.12 could pave the way to 86.61, the high of April 10. The next bullish target to watch is 87.38, the high of March 11.
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On the other hand, the 85.00 psychological level acts as an initial support level for USD/INR. A breach of this level could see a drop to 84.53, the low of May 8, followed by 84.12, the low of May 5.
Meanwhile, Indian equity markets settled with the highest gains in almost an year after easing in India and Pakistan agreed to a ceasefire. The benchmark BSE Sensex jumped 2975.43 points or 3.7 per cent to close at 82,429.90. The NSE Nifty50 closed at 24,924.7, up by 916.7 points or 3.8 per cent.The market capitalisation of BSE-listed companies went up by Rs 16.15 trillion to Rs 432.56 trillion today. Of a total of 4,224 stocks traded on the BSE on May 12, 2025, 3,514 advanced against 561 stocks that declined, and 149 remained unchanged. While 104 stocks recorded a 52-week high, 47 hit a 52-week low. A total of 468 stocks traded in the upper circuit, and 182 in the lower circuit.
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