INR Marginally Up As Downbeat Equities Limit Gains

Published on Jan 08, 2024 17:39

The Indian rupee pared all its initial gains to settle just 1 paisa higher at 83.14 (provisional) against the US dollar on Monday, as the downward movement in crude oil prices in international markets supported the local unit. However, strong American currency overseas and negative domestic equities dented overall sentiment. Indian shares fell sharply on Monday as fears of a widening regional conflict in the Middle East coupled with fading expectations of an early rate cut in the U.S. stoked risk aversion and spurred safe-haven demand for the dollar. The benchmark S&P BSE Sensex ended the session down 670.93 points, or 0.93 percent, at 71,355.22 - erasing gains of the last two sessions to reach a two-week low. The broader NSE Nifty index fell 197.80 points, or 0.91 percent, to 21,513.At the interbank foreign exchange market, the local unit opened strong at 83.09 and oscillated between the peak of 83.04 and the lowest level of 83.16 against the greenback during the session.