INR Recovers From Lifetime Lows Tracking Positive Cues From Equities

Published on Nov 21, 2023 17:24

The Indian rupee managed to eke out small gains by the end of the day and come off lifetime lows although the currency stayed hammered against the dollar on Tuesday. Rupee recovered from its all-time low level and settled 4 paise higher at 83.34 against the US dollar. Weakness of the American currency in the overseas market and positive domestic equities supported the local unit although dollar demand from oil marketing companies and sustained foreign fund outflows weighed on investor sentiments. Domestic shares eked out modest gains on Tuesday as global bond yields and the U.S. dollar continued to edge lower on dovish Fed expectations. At the interbank foreign exchange, the rupee opened at 83.33 and finally settled at 83.34 against the greenback, registering a gain of 4 paise from its previous close. On the NSE, USDINR ended at 83.34, down marginally on the day.