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INR Logs Marginal Gains Against US Dollar

Published on Sep 28, 2023 17:55

A modest recovery was seen in the Indian Rupee today as rising domestic bond yields capped the sustained wave of losses in the local currency. The benchmark 10-year 7.26% G-sec 2033 bond yield surged well above 7.20% as global yields spiked to multi-year highs and Crude oil prices stayed on a tear. Indian Rupee still held up well above 83 per US dollar mark as losses in local equities weighed on the currency. INR closed marginally up at 83.19 against the US dollar. On the NSE, the October month INRUSD futures closed down 0.04% at 83.28. The US dollar index has broken above 106 mark, hitting its highest level in ten months but some moderation has set in the index ahead of critical data releases like US GDP and PCE. Meanwhile, INR could also track the sustained losses in local equities. The key equity indices ended with major losses on Thursday. Trading was volatile as the September 2023 F&O contracts expired today, 28 August 2023. The Nifty settled below the 19,550 mark after hitting the day`s high of 19,766.65 in early trade. All the sectoral indices on the NSE closed in the red, with IT, FMCG and media shares declining the most. As per provisional closing data, the barometer index, the S&P BSE Sensex declined 610.37 points or 0.92% to 65,508.32. The Nifty 50 index lost 192.90 points or 0.98% to 19,523.55.

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