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INR Continues To Restrict In Thin Band Near One-Year Lows

Published on Oct 17, 2023 17:51

The Indian rupee continued to stay restricted within a thin band and settled for the day marginally lower by 2 paise at 83.27 against the US dollar on Tuesday amid a strong US dollar and concerns over the ongoing conflict in the Middle East although positive tone in equities limited downside. Rupee extended stay near one-year lows attained in the previous session. At the interbank foreign exchange market, the local unit opened at 83.24 against the US dollar and moved in a range of 83.22 to 83.26 in the day trade. Indian shares ended Tuesday`s session slightly higher, tracking positive cues from global markets and encouraging earnings. Firm global cues helped underpin sentiment as investors hoped that the ongoing Israel-Hamas war will remain confined to its current boundaries. On the NSE, USDINR futures contract settled for the day lower marginally at 83.26.

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