INR SETTLES LARGELY UNCHANGED; US INFLATION AND POWELL SPEECH AWAITED

Published on May 13, 2024 17:17

The Indian rupee consolidated in a narrow range and settled for the day lower by 1 paisa at 83.52 (provisional) against US dollar on Monday, as the support from positive domestic equities was negated by strong American currency. The benchmark S&P BSE Sensex hit an intraday low of 71,866.01 before reversing course to end the session up 111,66 points, or 0.15 percent, at 72,776.13. The broader NSE Nifty index closed up 48.85 points, or 0.22 percent, at 22,104.05, after having fallen to a low of 21,821.05 earlier. Investors awaited the release of key U.S. inflation data for April as well as Fed Chair Jerome Powell`s speech due this week for additional clarity on the Fed`s rate trajectory. At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.51, and touched an intraday low of 83.53 during the day. The domestic unit finally settled for the day at 83.52 (provisional), down 1 paisa from its previous close.