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Indian Rupee edges up marginally after approaching near 83 per dollar mark

Published on Aug 09, 2023 12:09

The Indian Rupee edged up against the US dollar today after a debacle in last few days as some bargain buying emerged in the currency. The Indian rupee had eased near eight month lows against US dollar amid broad strength in the dollar overseas. Weak equities also weighed as the currency approached the critical 83 per US dollar mark. However, the sentiments turned around today as Asian markets were mixed this morning and Treasury yields dropped. Meanwhile, RBI monetary policy outcome coupled with US inflation data this week would be key drivers for rupee movement and investors were quick to pull the INR well under the 83 mark ahead of these two key events. Yesterday, rupee depreciated by 16 paise to settle at more than an eight-month low of 82.91 against the US dollar. The INR currently quotes at 82.81 per US dollar, up around 10 paise on the day. On the NSE, the USDINR futures are trading at 82.86, down 0.07% on the day amid a very tiny range so far in the session.

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