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Indian Rupee Sees Lukewarm Trades, Holds Just Under 83.30 Per US Dollar

Published on Oct 16, 2023 12:32

The Indian Rupee has edged up marginally today as mild pull back in US dollar overseas supported the local currency. The dollar index is however holding above 106 mark amid escalating tensions in the Middle East boosted safe-haven demand for the currency though the index is off its highs and currently lingers in red. Asian markets were seeing modest losses this morning after reports that the U.S. is looking to tighten sweeping measures to restrict China`s access to advanced semiconductors and chipmaking gear. The movement in the Indian Rupee-US dollar has been very choppy and tight in recent days and today is no exception. The USD-INR pair moved in a range of 83.27-83.25 so far and is currently almost unchanged at 83.26 mark. The NIFTY50 index is also virtually unaltered around 17770 mark and is ensuring that the INR stays in a lukewarm mode.

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