INR Extends Winning Streak On The Back Of Dollar Weakness

Published on Oct 11, 2023 17:06

The Indian rupee extended gains against the dollar to settle higher by 7 paise at 83.18 (provisional) against the US dollar on Wednesday. At the interbank foreign exchange, the rupee opened strong at 83.20 and traded between the intra-day peak of 83.15 and the lowest level of 83.24 against the greenback.. Positive cues from equities and weakness in dollar overseas is seen supporting the domestic unit. Indian shares ended notably higher on Wednesday, with positive global cues and declining oil prices helping underpin investor sentiment. The benchmark S&P BSE Sensex jumped 393.69 points, or 0.60 percent, to 66,473.05 while the broader NSE Nifty index closed up 121.50 points, or 0.62 percent, at 19,811.35. Meanwhile, dollar index eased in line with US treasury yields that turned lower after hitting a 16 year high of 4.80% as markets are increasingly focusing on yesterday`s benign set of comments from US Fed policymakers. The 10 year yields have now dipped to 4.60% - falling to two week low.