INR SETTLES AT LIFE-TIME LOWS AMID LOWER EQUITIES, SURGE IN OIL PRICES

Published on Nov 20, 2023 18:52

Sustained foreign fund outflows coupled with negative undertone in equities led the Indian rupee towards record low levels at the start of the week. The rupee declined by 9 paise to settle at its all-time low of 83.35 against the US dollar. The domestic currency pared gains registered early in the day on the back of dollar weakness and fell further through the day. Rally in international oil prices by over 2% weighed on the local unit. Oil prices surged on reports that OPEC+ is considering deeper output cuts at the 26 November meeting in Vienna. The benchmark S&P BSE Sensex ended the session down 139.58 points, or 0.21 percent, at 65,655.15 while the broader NSE Nifty index settled 37.80 points, or 0.19 percent, at 19,694. At the interbank foreign exchange market, the local unit opened at 83.25 and settled at its lifetime low level of 83.35 against the dollar, registering a fall of 9 paise from its previous close.