INR Settles Flat; Further Cues Awaited From Powell Speech

Published on Nov 08, 2023 17:18

The Indian rupee consolidated in a narrow range and settled lower by 1 paisa at 83.28 (provisional) against the US dollar on Wednesday, tracking a strong American currency overseas. The U.S. dollar index, which last week clocked its sharpest weekly fall in about four months, is currently up 0.3% to 105.71.The greenback holds ground ahead of Powell speech later in the global day to understand the central bank�s future policy path. Several Fed members this week have indicated further rate hikes to contain inflation within Fed�s target. Meanwhile, muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency. At the interbank foreign exchange market, the local unit opened at 83.25 and touched a low of 83.29 against the greenback. On the NSE, USDINR futures pair ended the day at 83.29, unchanged on the day.