INR Lingers Near Record Lows On Muted Equities; Dollar Strength Overseas

Published on Jun 11, 2024 16:22

The Indian rupee settled for the day lower by 6 paise at 83.56 (provisional) against the US dollar on Tuesday, near its record low levels, weighed down by a muted trend in domestic equities and the strength of the American currency in overseas markets. The benchmark S&P BSE Sensex ended the session down 33.49 points, or 0.04 percent, at 76,456.59 while the broader NSE Nifty index edged up 5.65 points, or 0.02 percent, to 23,264.85. Moreover, strength in the US dollar due to increased demand from oil importers and stronger-than-expected economic data from the US continued to keep rupee under pressure. Moreover, elevated crude oil prices also weighed on the local unit. At the interbank foreign exchange, the local unit opened at 83.49 and saw an intra-day low of 83.58 and finally settled for the day lower by 6 paise at 83.56 (provisional) against the American currency. Investors await Wednesday`s U.S. consumer price data and the Federal Reserve interest-rate decision for directional cues. Domestic IIP and inflation numbers due to be announced on Wednesday also remain on investors` radar.