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INR Settles Near One-Month Low

Published on Jul 06, 2023 17:33

Spot rupee settled for the day at 82.46 against the dollar, losing around 21 paise after hitting a one-month low of 82.55 during the day amid soaring dollar following hawkish Fed minutes. INR has also been dampened by soaring crude oil prices as the WTI futures hit around two week high above $72 per barrel. Record high local equities have not helped the INR much this week and the overall focus of the currency markets now seems to be shifting to the US nonfarm payrolls due on Friday. On the NSE, USDINR futures gave up some of the gains made during the day but managed to hold in the positive terrain to end the day at 82.51, up 0.21% on the day. Minutes of the Fed revealed that most members thought further hikes are on the way. US benchmark bond yields firmed above 3.9% following the minutes that dragged dollar index above 103 mark. Currently, the dollar index is down 0.3% at 102.64.

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