INR Appreciates On The Back Of Dollar Weakness Ahead Of FOMC; Upside Capped By Muted Equities

Published on Jan 30, 2024 17:02

The Indian rupee appreciated 5 paise to 83.11 (provisional) against the US dollar on Tuesday, following a weak greenback against major currencies overseas even as upside was restricted by muted performance by domestic equities. The benchmark S&P BSE Sensex dropped 801.67 points, or 1.11 percent, to 71,139.90 in a volatile session. The broader NSE Nifty index settled lower by 215.50 points, or 0.99 percent, at 21,522.10. At the interbank foreign exchange market, the local unit opened at 83.14 against the greenback. Moving in a very tight range, the unit hit an intraday low of 83.15 and a high of 83.11 against the greenback. The local unit finally settled at 83.11 against the dollar, higher by 5 paise (provisional) from its previous close. Meanwhile, dollar index stayed confined above 103 mark although a slight pullback ahead of FOMC this week supported gains in the domestic currency.