INR SLIPS, IMPROVING INDUSTRIAL OUTPUT COULD CAP LOSSES

Published on Apr 15, 2024 11:56

The Indian rupee eased today, nearing record low against the US dollar as aggravating tensions in the Middle East that bears support for the safe haven currency. The US dollar index futures are lingering around a five month high of 105.70. INR has been falling after testing a two week high against the US dollar even as local equities stayed supported in volatile trades last week before falling on Friday. The headline NSE Nifty index fell 234.40 points or 1.03 percent to close at 22,519.40 in last session, coming off record highs. Meanwhile, in economic news, India`s retail inflation fell to 4.85 per cent on an annual basis in March as against 5.09 per cent in the previous month, sliding to a ten month low. The industrial production surged to a four-month high of 5.7 per cent in February compared with 4.2 per cent in the previous month. This can support the INR somewhat today. The Rupee currently quotes at 83.44 per US dollar, down 6 paise on the day.