INR slips marginally, local stocks soften

Published on Jan 23, 2024 11:47

Indian Rupee saw muted moves today after an extended weekend. Slight selling in local equities kept the broad undertone mixed and the INR currently quotes at 83.10, down 3 paise on the day. The RBI Governor Shaktikanta Das has said that the central bank won’t consider interest rate cuts unless inflation is achieved around the 4% target on a durable basis. This can weigh on the sentiments in near term. The INR closed up 7 paise at 83.07 per Dollar on Friday. The US dollar index is holding around 103 right now as market waits for the core PCE data.

Meanwhile, India`s forex reserves jumped USD 1.634 billion to USD 618.937 billion for the week ended January 12, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined sharply by USD 5.89 billion to USD 617.3 billion.