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INR Settles Marginally Lower; Risk Appetite Worsens Amid Global Slowdown Concerns

Published on Oct 13, 2023 17:24

The Indian rupee ended marginally lower for the week as dollar strength overseas and elevated international crude oil prices kept the currency under pressure. Positive domestic macros also failed to keep momentum in the local currency intact. Meanwhile, domestic equities that ended lower amid fears of a global slowdown and heightened geopolitical tensions in the Middle East could not support the rupee. The benchmark S&P BSE Sensex hit an intra-day low of 65,895.41 before recouping losses to end the session down 125.65 points, or 0.19 percent, at 66,282.74. The broader NSE Nifty index settled 42.95 points, or 0.22 percent, lower at 19,751.05 after having hit a low of 19,635.30 earlier. Meanwhile, rupee fell 2 paise to settle at 83.26 (provisional) against the US dollar. At the interbank foreign exchange, the rupee opened at 83.25 and traded in a narrow range before settling at 83.26 (provisional) against the greenback, 2 paise lower from its Thursday closing level. On the NSE, USDINR October futures ended at 83.31, marginally higher on the day.

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