INR Settles Lower On Weak Equities

Published on Nov 17, 2023 16:48

Negative sentiment from local equities coupled with sustained foreign fund outflows weighed down the Indian rupee that is saying close to record low levels on Friday. The benchmark S&P BSE Sensex ended the session down 187.75 points, or 0.28 percent, at 65,794.73, dragged down by banks and energy stocks. The broader NSE Nifty index settled 33.40 points, or 0.17 percent, lower at 19,731.80. Rupee declined by 4 paise to 83.27 (provisional) against the US dollar on Friday. Lack of definite cues from dollar also failed to give rupee proper direction. Nevertheless, lower international crude oil prices restricted losses in the local unit. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency. The local unit moved in a tight range of 83.23 to 83.28 in the day trade. On the NSE, USDINR front month futures contract were flat at 83.26.