INR HOLDS NEAR RECORD LOW AROUND 83.40 PER US DOLLAR

Published on Dec 05, 2023 11:57

Indian Rupee is holding in a narrow range near record lows against the US dollar despite the massive surge in local stock markets and the sustained losses in Crude oil prices. The US dollar staged a good rebound overnight. Resurging tensions in Middle East added to safe haven demand for the greenback as it maintained its upward bias following rebound from three month low. The INR currently quotes at 83.39 per US dollar, down very marginally on the day. Sharp surge in domestic indices after the ruling BJP scored a spectacular win in three Hindi heartland states led the rupee higher to hit a high of 83.27 on Monday. Risk appetite is poor in Asian equities today and INR is likely to see a choppy movement. Meanwhile, the US dollar index strengthened near 104 mark on Monday- hitting near one and half week high and currently quotes flat around 103.50 mark. The NSE USDINR futures are trading flat at 83.39 per US dollar.