INR softens as markets eye RBI decision

Published on Dec 07, 2023 11:32

Indian Rupee eased a bit today, giving up some gains seen in last session. An elevated dollar overseas is restricting any gains in the Indian rupee that continues to linger around record lows. The US dollar is index broke above 104 mark to approach a three week high. This is weighing on the domestic unit. Risk appetite is turning weak ahead of the year end lull in markets. The US stocks gave up initial gains to end lower overnight even as weak readings on labor costs and private sector employment added to dovish Fed bets. The Dow slid 0.2 percent and the S&P 500 dropped 0.4 percent to extend losses for a third straight session. INR is currently quoting down 3 paise at 83.35 per US dollar. Local investors are also waiting for RBI`s monetary policy decision on Friday.