INR Near One Month High Against US Dollar

Published on Feb 22, 2024 12:16

The Indian rupee is holding steady today amid mixed cues from local equities as a decline in the US dollar has supported the currency. The US dollar fell under 104 mark yesterday even as most FOMC officials remain wary of cutting interest rates "too quickly." The minutes of the late-January meeting said participants acknowledged risks to achieving the Fed`s employment and inflation goals were moving into better balance, but they remained highly attentive to inflation risks. It seems that the recent wave of risk appetite is capping advances in the US dollar and is thus auguring well for other currencies. INR hit near one month high under 82.90 per US dollar yesterday and currently quotes around 82.92, up marginally on the day. Local equities are marginally in red and WTI Crude oil futures are quoting at $78 per barrel. This could cap the strength in INR in intraday moves.