INR SLIDES AMID FIRM MOVEMENT IN US DOLLAR INDEX

Published on Jun 10, 2024 14:59

Indian Rupee has slipped today, yet again approaching near record lows against the US dollar. INR had gained in last session but turned weak today despite sustained upmove in local equity markets as the US dollar spiked above 105 mark. US currency gained sharply on Friday as robust US jobs data boosted sentiments. The US Bureau of Labor Statistics data showed creation of 272,000 new jobs in May. This significantly surpassed revised figure of 165,000 jobs in April. The average hourly earnings rose 0.4% in May, following a 0.2% increase in April. The firm trend in labor markets made traders reassess the interest rate cut expectations and Dollar rose impressively. INR was pushed back amid these moves and currently quotes at 83.51 per US dollar, down 10 paise on the day.