INR Snaps Winning Streak Amid Renewed Gains In Dollar; Muted Equities

Published on Feb 23, 2024 17:12

The Indian rupee consolidated in a narrow range and depreciated by 8 paise to close at 82.93 (provisional) against the US dollar on Friday, tracking a strong American currency and muted trend in domestic equities. The dollar index that measures the greenback against a basket of currencies is renewing gains after staying subdued for the week. FOMC earlier in the week showed most FOMC officials remain wary of cutting interest rates "too quickly." The minutes of the late-January meeting said participants acknowledged risks to achieving the Fed`s employment and inflation goals were moving into better balance, but they remained highly attentive to inflation risks. Meanwhile, the benchmark S&P/BSE Sensex ended the session down 15.44 points, or 0.02 percent, at 73,142.80 while the broader NSE Nifty index settled 4.75 points, or 0.02 percent, lower at 22,212.70. At the interbank foreign exchange market, the local unit opened at 82.87 and finally settled at 82.93 (provisional) against the dollar, down by 8 paise from its previous close.