INR sees modest weakness, equities stay choppy

Published on May 16, 2024 12:32

Indian Rupee continues to linger near 83.50 per US dollar mark as equities see choppy movement amid ongoing General Election. INR currently trades at 83.50 per US dollar, down 4 paise on the day after witnessing modest gains in last session. The US dollar overseas as the dollar index has slipped under near a five week low of 104. US consumer price inflation eased slightly last month. The closely watched consumer price index (CPI) rose at an annual rate of 3.4% in April, down from an annual pace of 3.5% the previous month. This weighed on the US dollar index and traders also tracked comments from Federal Reserve Chair Jerome Powell who noted that inflation will move back down and the Fed will likely hold the policy rate where it is.