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INR Flat Around 82.60 Per US Dollar, Sharp Drop In Forex Reserves Weighs

Published on Aug 29, 2023 12:11

Indian Rupee is lingering around 82.60 per US dollar mark with rising local equities and a modest spell of softness supporting the INR after recent break under 83 per US dollar mark. However, the gains are limited by uncertain monsoon trajectory which will have an impact on domestic economic growth in coming months. Traders are also focusing on the latest data showing a drop in forex reserves. India`s foreign exchange reserves declined by $7.273 billion to a near two-month low of $594.89 billion as of Aug. 18 and posted their steepest weekly fall in more than six months, data from the country`s central bank showed on Friday. For the week ended August 18, the foreign currency assets, a major component of the reserves, decreased by USD 6.613 billion to USD 527.786 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. The INR currently quotes flat at 82.64 per US dollar.

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