INR Edges Lower As Dollar Regains Momentum

Published on Nov 16, 2023 17:40

Sustained foreign fund outflows and recovery in greenback overseas contributed to extended losses in the Indian rupee on Thursday. Dollar reversed recent slump amid better than expected retail sales data. The Commerce Department said retail sales slipped by 0.1 percent in October as against expectation of 0.3 percent fall and after advancing by an upwardly revised 0.9 percent in September. Rupee declined by 14 paise to settle at 83.23 (provisional) against the US dollar. The dollar index reclaimed back 104 mark and is currently quoting at 104.29. However, lower international crude oil prices helped limit losses in the domestic currency. Positive cues from local equities also supported the local unit. The benchmark S&P BSE ended the session up 306.55 points, or 0.47 percent, at 65,982.48 after hitting a high of 66,358.37 earlier in the day. The broader NSE Nifty index hit an intraday high of 19,875.25 before giving up some gains to settle 89.75 points, or 0.46 percent, higher at 19,765.20 - extending gains for a second straight session. At the interbank foreign exchange market, the rupee opened lower at 83.18 against the US currency. The local unit remained under pressure in the day trade moving in a range of 83.17 to 83.25. On the NSE, USDINR futures settled for the day at 83.22, up 0.12% on the day.