INDIAN RUPEE SEES SUBDUED MOVES, GIVES UP YESTERDAY`S GAINS

Published on Nov 16, 2023 13:16

Indian Rupee slipped today, not holding onto its yesterday�s gains as the US dollar index stayed near 104 mark and worries over the overseas investment flows stayed in place. The INR currently quotes at 83.22, down 14 paise on the day. The local currency had almost tested 83 per US dollar mark in last session. Major local economic data have come out now and near term direction will largely depend upon the moves in the US dollar index and general undertone in risky assets. Markets are also tentatively looking at the monetary policy trajectory cautiously now after a sustained pullback in price pressures. India�s retail inflation measured by the consumer price index- stood at 4.87% in October, as compared with 5.02% in September, according to data from the Ministry of Statistics and Programme Implementation released on Monday. This marks the second consecutive month when the consumer price index or CPI-based inflation has remained within the Reserve Bank of India�s comfort zone of below 6 per cent. The inflation based on the consumer price index (CPI) was 5.02 per cent in September and 6.83 per cent in August 2023.