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INR Sees Mild Recovery; Equities Offer Support

Published on Dec 22, 2023 13:56

INR witnessed mild recovery during intraday moves on Friday tracking slight weakness in dollar overseas. Rupee opened at 83.25 and hit a high of 83.15 and is currently quoting at 83.17 against the dollar. Modest gains in domestic equities are also guiding the currency higher. The benchmark S&P BSE Sensex was up marginally at 70,886, while the broader NSE Nifty index was up 23 points, or 0.12 percent, at 21,278 after US shares rose notably overnight. The Reserve Bank of India in its December Bulletin this week showed the foreign exchange reserves stood at US$ 606.9 billion on December 8, 2023 covering 10.4 months of imports projected for 2023-24 and 96 per cent of total external debt outstanding at end-June 2023. India�s foreign exchange reserves were the fourth highest among major foreign exchange reserves holding countries, having increased by US$ 28.4 billion during 2023-24 so far, the central bank said. Meanwhile, on the NSE, USDINR pair continued to stay in a tight range awaiting further clarity of direction from USD. Currently, the futures pair is quoting at 83.20.

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