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INR Moving Nowhere Against US Dollar

Published on Oct 31, 2023 12:03

Indian Rupee continues to see a mildly tepid movement today as the US dollar index is holding above 106 mark after a brief slide yesterday. INR currently quotes at 83.26 per US dollar, down 2 paise on the day. India`s foreign exchange (forex) reserves declined by $2.36 billion to $583.53 billion during the week ended October 20, according to data by the Reserve Bank of India (RBI). In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 billion.

INR saw a tight range in last session against the US dollar. The headline equity indices ended with modest gains on Monday. The Nifty settled above the 19,100 level after hitting the day’s low of 18,940 in morning trade. Realty, oil & gas and bank shares advanced while auto, consumer durables and FMCG stocks declined. As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 329.85 points or 0.52% to 64,112.65. The Nifty 50 index added 93.65 points or 0.49% to 19,140.90.

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