INR Recovers But Holds Above 83.30 Against US Dollar

Published on Nov 28, 2023 15:15

The Indian Rupee edged up a bit from record lows as weak US dollar overseas and the recent slide in crude oil prices offered some support to the INR. Local markets are opening after an extended weekend. Indian markets remained closed on Monday on account of Guru Nanak Jayanti. The INR currently quotes at 83.34 per US dollar, up 6 paise on the day. The dollar index held around 103.10, hovering at its lowest levels in three months as weak US economic data reinforced bets that the Federal Reserve is done raising interest rates and could eventually start cutting rates next year. Meanwhile, forex reserves of India have witnessed a surge by $5.077 billion, reaching a total of $595.397 billion, according to the latest data released on Friday by the Reserve Bank of India (RBI). Earlier, there was a decrease of $462 million in forex reserves, bringing the total to $590.32 billion for the week ending November 10.