Indian Rupee Sees Marginal Gains, Local Equities Attempt Recovery

Published on Aug 22, 2023 11:53

The Indian rupee edged up a bit today as the US dollar index eased near 103 mark and sliding crude oil prices brought some assurance for the INR after recent losses. The local currency fell near record low against the US dollar yesterday as rising bond yields weighed on emerging market currencies. The Indian Rupee closed at 83.13, down 3 paise on the day. However, losses were limited for the INR as equities showed signs of some recovery on Monday after recent spate of losses. The key equity indices ended with decent gains, snapping a two day losing streak. The Nifty closed near the 19,400 level after hitting day`s low of 19,296.30 in morning trade. Metal, IT and realty stocks advanced while PSU Bank, media and oil & gas shares declined. Meanwhile, India`s foreign exchange reserves jumped USD 708 million to USD 602.161 billion for the week ended August 11, according to the Weekly Statistical Supplement released by the Reserve Bank of India. This is the first increase in the kitty after declining for three consecutive weeks. The INR is currently quoting at 83.06, up around 7 paise on the day while the NIFTY50 index is managing to hold onto a recovery from near six week low.