INR PARES INTRADAY GAINS TO SETTLE MARGINALLY LOWER

Published on Nov 06, 2023 17:11

The Indian rupee pared intraday gains and settled for the day 2 paise lower at 83.22 (provisional) against the US dollar as the support from positive domestic equities and weak dollar overseas was negated by rising crude oil prices. Domestic equities rose sharply as weak U.S. jobs and service sector activity data released on Friday helped ease worries about further rate hikes by the Federal Reserve. The benchmark S&P BSE Sensex ended the session up 594.91 points, or 0.92 percent, at 64,958.69, extending gains for a third consecutive session. The broader NSE Nifty index jumped 181.15 points, or 0.94 percent, to 19,411.75. The dollar index was also lingering below 105 mark, supporting rupee. However, international crude oil prices jumped by over 1.5%, weighing down the local unit. On the NSE, USDINR futures pair ended the day lower by 0.09% at 83.21.