INR Lingers Near Record Low, Merchandise Trade Deficit Hits 10 Month High

Published on Sep 18, 2023 12:33

The Indian Rupee is holding near record lows, lingering around 83.20 per US dollar mark amid a broad based surge in the US dollar overseas and sustained worries due to the soaring Crude oil prices. INR currently quotes at 83.22, down 5 paise on the day. Market also tracked a tepid overseas trade data. India`s goods exports contracted for the seventh successive month while services exports were estimated to have dropped for the first time in well over a year. The goods trade deficit hit a 10-month high. The merchandise import bill for August fell 5.23% year-on-year to $58.64 billion, but was 10.85% higher than July`s $52.9 billion, lifting the goods trade deficit for August to $24.16 billion. WTI Crude oil futures have spiked above $90 per barrel - hitting near an 11 month high and capping the INR despite record highs for local equity markets.