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INR Gains But Caught In Tight Range Overall

Published on Jan 19, 2024 11:57

Indian Rupee edged up today in the early moves as local equities bounced from one week low and the US dollar index saw a modest correction after its recent rally. The INR is currently quoting up marginally at 83.13 per US dollar. Rupee has come off its four month highs and sentiments have been weakened following the breach above 83 per US dollar mark this week. Some consolidation is likely to emerge in the local currency after the volatile moves over last few days. The NIFTY50 index has rebounded today and currently quotes up 0.64% at 21600 mark, offering some stability for the INR. However, dollar index still hovering well above 103 � just below its five week high and could cap advances in the INR. On the NSE, the USDINR futures are currently quoting at 83.16, unchanged on the day and holding in a tight range so far.

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