INR FUTURES LOCKED IN EXTREMELY CHOPPY RANGE

Published on Dec 11, 2023 12:01

Indian Rupee saw continued muted trades and held near record low despite firm local equities. INR trades flat at 83.40 per US dollar. The US dollar index is holding just above 104 mark, adding to recent gains at the start of the week. Meanwhile, the Reserve Bank of India on Friday decided to keep the policy rate unchanged at 6.5 per cent for the fifth time in a row as it maintains a tight vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes, aggregating to 250 basis points since May 2022. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.5 per cent. A continued surge % in WTI Crude oil prices capped movement in INR as the benchmark futures on the NSE moved in a very tiny range of 83.44-83.41 and currently quote at 83.42, almost unchanged on the day.