INR Hits Three Week High Against US Dollar, Broad Economic Narrative Offers Support

Published on Aug 24, 2023 15:21

The Indian Rupee is appreciating yet again today as yesterday`s break under 83 per US dollar mark extended despite volatile local equities. The INR seems to be focusing a lot on the broad narrative that is underlining the strength of the Indian economy at the global stage. Prime Minister Narendra Modi opined in a latest speech at the ongoing BRICS summit in South Africa that we see global optimism and confidence in the Indian economy. India is seen as a combination of openness, opportunities and options. During the last nine years, India has become the fifth largest global economy. Rupee has also benefited from the slide in WTI Crude oil futures under the key $80 per barrel mark this week. The INR is currently quoting at 82.59 per US dollar, up 12 paise on the day after hitting three week high of 82.41 per dollar earlier in the session. The NSE USDINR futures are down 0.17% at 82.59.