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INR Settles Higher Although Sell-Off In Domestic Equities Cap Upside

Published on Feb 12, 2024 17:31

The Indian rupee appreciated 7 paise to close at 83 (provisional) against the US dollar on Monday, on softness in the American currency and easing crude oil prices. International crude oil prices are sharply down over 1% under $76 per barrel. However, weak domestic markets and foreign fund outflows capped sharp gains. Indian shares fell notably on Monday as investors stayed on the sidelines ahead of key retail inflation data due this week. Investors also looked ahead to the release of U.S. CPI data and speeches by Federal Reserve officials due this week for fresh clues on when the Federal Reserve is likely to begin cutting interest rates. The benchmark S&P BSE Sensex ended the session down 523 points, or 0.73 percent, at 71,072.49 while the broader NSE Nifty index settled 166.45 points, or 0.76 percent, lower at 21,616.05. At the interbank foreign exchange market, the local unit opened at 83.01 against the greenback. The unit hit an intra-day high of 82.98 and a low of 83.02.

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