INR HOLDS AROUND 83.50 PER US DOLLAR, LOCAL STOCKS SLUMP

Published on May 07, 2024 11:52

Indian Rupee is holding in a tight range today, consolidating around record lows as a deep slide in local equities weighed on the sentiments. INR currently quotes at 83.49 per US dollar, almost unchanged on the day. US dollar index is holding around 105.16, witnessing modest gains after last week�s tumble. Rupee has been little changed recently and the bias has been weak despite the losses in US dollar over last few days. The local stock markets traded with major losses in mid-morning trade. The Nifty dropped below the 22,300 level after hitting day�s high of 22,499.05 in early trade. At 11:30 IST, the barometer index, the S&P BSE Sensex slipped 552.52 points or 0.74% to 73,353.46. The Nifty 50 declined 182.45 points or 0.81% to 22,260.25. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.73% and the S&P BSE Small-Cap index declined 1.61%.