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INR Lacks Luster Amid Equity Outflows; Rising Oil Prices

Published on Oct 27, 2023 16:49

The Indian rupee lacks luster to settle almost flat on the day at 83.25 (provisional) against the US dollar on Friday, as the support from positive domestic equities was negated by surging crude oil prices. Meanwhile, selling pressure from foreign equity investors continued to weigh on the Indian currency. FII offloaded shares worth net Rs 7,702.53 crore yesterday, adding to recent selling spree. For the month till October 26, 2023, FIIs have sold shares worth net Rs 25,098.60 crore. At the interbank foreign exchange market, the local unit opened at 83.24 and traded in a narrow range of 83.22 to 83.25 before settling flat at Thursday`s closing level of 83.25 (provisional) against the greenback. On the NSE, USDINR futures stayed choppy all through the day to end at 83.25, down marginally on the day.

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