INR Dragged Lower By Negative Equities, Dollar Strength Overseas

Published on Oct 26, 2023 17:52

The Indian rupee extended its downward trend for the third consecutive session to close 6 paise lower at 83.23 (provisional) against the US dollar on Thursday. Rupee was dragged down by massive selling in equity markets and strengthening American currency overseas. Indian shares ended deep in the red on Thursday, with key benchmark indexes Sensex and Nifty falling for the sixth straight session on interest-rate concerns and lingering Middle East tensions. Withdrawal of foreign funds and elevated crude oil prices touching USD 90 a barrel also weighed on the domestic currency. At the interbank foreign exchange market, the local unit opened weak at 83.19 and traded between the peak of 83.18 and the lowest level of 83.24 against the greenback. It finally settled at 83.23 (provisional) against the dollar, registering a loss of 6 paise from its previous close. On the NSE, USDINR futures settled slightly higher at 83.26.