INR HOLDS AROUND 83.30 PER US DOLLAR, RBI SAYS CORE INFLATION MODERATING AND MONETARY POLICY REMAINS WATCHFUL

Published on Nov 09, 2023 12:15

The Indian Rupee stayed muted today, nearing a record low around 83.30 per US dollar as markets eyed the sustained strength in the US dollar, which is managing to stay well above 105 mark and the government bond yields turned lower to multi week low. The local currency is quoting little changed at 83.28 per US dollar. Meanwhile, Shaktikanta Das, Governor, Reserve Bank of India has noted that as things stand today, the RBI in its October 2023 meeting has projected CPI inflation at 5.4% for 2023-24, moderation from 6.7% in 2022-23. The core inflation has also moderated by 170 basis points since its recent peak in January 2023. In these circumstances, monetary policy remains watchful and actively disinflationary to progressively align inflation to the target, while supporting growth. On the NSE, the USDINR futures are quoting flat at 83.28 mark in an overall tight range.