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INR Sees Subdued Movement Against US Dollar, Fx Reserves Extend Slide

Published on Oct 17, 2023 11:45

The Indian rupee saw little movement on Tuesday although improving sentiments in regional equities and a mildly weak undertone in the US dollar is keeping the momentum supported for the local currency. Asian stock markets are trading mostly higher in line with global markets despite lingering concerns about the tensions in the Middle East, and worries about interest rates and inflation. The INR is currently quoting at 83.24 per US dollar, up 2 paise on the day. The INR is not far from its record low and could continue to see a very choppy trajectory given that the US dollar index has stabilized above 106 mark. Meanwhile, India`s foreign exchange (forex) reserves dropped for the fifth straight week by a further $2.166 billion to $584.742 billion for the week ended October 6 - the lowest in more than five months, according to data by the Reserve Bank of India (RBI).

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