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INR Slips To Fresh Record Lows

Published on Dec 13, 2023 17:59

Strength in dollar overseas led the Indian rupee depreciate 4 paise to hit an all-time closing low of 83.41 (provisional) against the US dollar on Wednesday. At the interbank foreign exchange market, the local unit opened at 83.39 against the greenback and traded in a tight range of 83.38-83.41. Steep fall in crude oil prices under $70 per barrel provided support, but a muted trend in equity markets triggered negative bias against the local unit. The benchmark S&P BSE Sensex ended a choppy session up 33.57 points at 69,584.60 while the broader NSE Nifty index inched up 19.95 points, or 0.10 percent, to close at 20,926.35. The dollar index that measures the greenback against a basket of currencies was quoting at 103.56, up 0.09% on the day and keenly awaiting outcome of FOMC policy meet scheduled for the week. USDINR futures on NSE stayed largely unmoved at around 83.45.

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