INR SETTLES LOWER IN RANGE BOUND MOVES

Published on May 16, 2024 17:28

The Indian rupee continued to stay range-bound and settled 4 paise lower at 83.50 (provisional) against the US dollar on Thursday. Firm domestic equities supported the local unit and restricted its losses in the local currency. The benchmark S&P BSE Sensex jumped 676.69 points, or 0.93 percent, to 73,663.72 while the broader NSE Nifty index closed at 22,403.85, up 203.30 points, or 0.92 percent, from its previous close. However, rupee remains under pressure due to ongoing elections and foreign fund outflows. Moreover, a drop in the dollar index and U.S. bond yields helped underpin sentiment as moderating U.S. inflation and soft retail sales figures brought Fed rate cuts back into focus.