INR consolidates after recent flurry of gains, equities offer support

Published on Dec 20, 2023 11:43

The Indian rupee is consolidating just above 83.10 per US dollar mark. INR has come off its recent highs amid sustained dollar demand from importers amid lingering worries over oil supplies through the Red Sea route. The local currency had hit a multi week high near 82.90 per US dollar amid positive sentiment in the stock market and a weak greenback against major currencies overseas. Meanwhile, the International Monetary Fund (IMF) said India`s economic reforms have helped the nation become a star performer, contributing over 16 percent to global growth. Benchmark indexes Sensex and Nifty hit fresh record highs before finishing modestly higher on Tuesday, keeping the overall undertone positive towards the INR. The local currency trades at 83.14 per US dollar right now, up 4 paise on the day.