INR SLIDES, BENCHMARK 10 YEAR YIELD DIPS TO TWO MONTH LOW

Published on Jan 16, 2024 11:56

Indian Rupee slipped sharply today, giving up some of the recent gains as the US dollar edged up in global markets. The US dollar index soared yesterday and added to its gains today as well, approaching 103 mark and testing near one week high. This weighed on the Indian Rupee and the IRN broke above 83 per US dollar level in early moves. INRUSD is currently quoting at 83, down 14 paise on the day. The rupee had hit near four month high against the US dollar before the latest slide. For the INR, a recent slide in the 10 year benchmark yields which fell to two month low near 7.15% seems to be another factor at play. Currency markets seem to be eying the continued unrest on the global geopolitical front amid lack of major US economic cues. Dollar index is also being impacted by hefty losses in EURUSD. The German economy contracted in 2023, according to the first calculations of the Destatis, the country`s federal statistical office. Price-adjusted gross domestic product fell by 0.3% last year, marking the first contraction since the Covid-impacted year of 2020, Destatis said on Monday. EURUSD is currently down 0.37% at 1.0944 � testing its one week low.