INR HOVERING JUST UNDER 84 PER US DOLLAR

Published on Sep 04, 2024 12:15

The Indian rupee is hovering just under 84 per US dollar mark as a recent slide from two week high has kept the local currency under stress. Yesterday, rupee declined 7 paise to 83.98 against the US dollar, tracking a strong greenback against major currencies overseas and a sluggish trend in domestic equities. Sentiments were stacked against the INR today as local equity indices saw a negative start and continued to stay under pressure given a hefty selloff in overnight US markets. INR currently trades at 83.97 per US dollar, almost unchanged on the day. A heavy slide in WTI Crude oil futures, which tanked to nine month lows under $70 per barrel, could cap losses for INR.