INR SETTLES FLAT AMID DOLLAR STRENGTH AHEAD OF FOMC MINUTES

Published on Feb 21, 2024 17:11

The Indian rupee ended the day almost flat with 1 paisa gain to close at 82.96 (provisional) against the US dollar on Wednesday. Strength of the American currency in the overseas market and sustained foreign fund outflows weighed on the local unit. Investors are awaiting clarity from the minutes that comes following last week`s hotter-than-expectation US inflation data. Meanwhile, gains from easing crude oil prices were negated by a weak trend in domestic equities. The benchmark S&P BSE Sensex fell 434.30 points, or 0.59 percent, to 72,623.09 while the broader NSE Nifty index settled 141.90 points, or 0.64 percent, lower at 22,055.05. At the interbank foreign exchange, the local unit opened at 82.90 against the greenback. It hit an intra-day high of 82.86 and a low of 82.97.