INR SETTLES LOWER AMID MUTED EQUITIES AND DOLLAR STRENGTH OVERSEAS

Published on Mar 15, 2024 17:44

The Indian rupee declined 4 paise to 82.88 (provisional) against the US dollar on Friday, weighed down by unabated foreign fund outflows and a negative trend in domestic equities. The benchmark S&P BSE Sensex ended the session down 453.85 points, or 0.62 percent, at 72,643.43. The broader NSE Nifty index settled 123.30 points, or 0.56 percent, lower at 22,023.35.Strengthg in the American currency overseas and crude oil prices in the international market also dented investors` sentiments. At the interbank foreign exchange market, the local unit opened at 82.95 and touched the intra-day low of 82.96 and a high of 82.85 against the greenback. The local unit finally settled at 82.88 (provisional) against the dollar, registering a loss of 4 paise from its previous close. Meanwhile, India`s exports rose 11.9% to USD 41.4 billion in February, the highest in the current fiscal, while the trade deficit stood at USD 18.7 billion, according to the data released by the commerce ministry. The exports in February 2023 were USD 37.01 billion. Imports were valued at USD 60.1 billion, up 12.16% compared to USD 53.58 billion in February 2023. India`s merchandise trade deficit expanded to USD 18.71 billion in February, compared to USD 17.49 billion in January. The trade deficit stood at USD 16.57 billion in February 2023. The merchandise trade deficit during April-February 2023-24 is USD 225.20 Billion compared to USD 245.94 Billion during April-February 2022-23, registering a decline of (-) 8.43 percent.