INR SEES FLAT MOVEMENT

Published on Aug 26, 2024 17:52

The Indian rupee saw sideways movement though broad decline in US dollar index supported sentiments. INR ended flat at 83.80 per US dollar. The domestic equity benchmarks ended with robust gains on Monday. The Nifty settled above the 25,000 level. Metal, realty and IT shares advanced while PSU bank and media shares declined. The dollar index dropped to 100.5 - weakest since December 2023. The US dollar index had slumped after Fed Chair Jerome Powell`s Jackson Hole speech bolstered expectations of a September rate cut. Rising Middle East tensions also added to bullion`s safe-haven appeal. While the US currency showed some recovery after a brutal correction on Friday following Powell�s remarks, it held up around eight month low, pushing up risk sentiments and supporting emerging market currencies.