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Indian Rupee supported in volatile trades

Published on Feb 14, 2024 17:24

The Indian rupee saw volatile movement today but carved out some gains amid a good recovery in local stock markets. INR is also tracking positive macroeconomic data on the local front. INR added 4 paise at 83.03 against the US dollar after approaching near 83 per US dollar mark in intraday moves. The US dollar index is currently quoting at 104.83, almost unchanged on the day after a sharp spurt in last session that pushed it near three month high.

The benchmark 10-year 7.18% G-sec 2033 bond yield edged up above 7.10% today amid rising US yields and firm economic cues. The US 10 year yield lingers around 4.30%, zooming near one year high. The monthly increase in US core prices reflected the continued advance by shelter costs as well as higher prices for motor vehicle insurance and medical care. Meanwhile, prices for used cars and trucks and apparel were among those that decreased over the month, the Labor Department said.

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