INR Stays Muted Near Record Lows Awaiting Clarity From Dollar Ahead Of Powell Speech

Published on Oct 19, 2023 14:01

The Indian rupee is staying muted in a very thin band against the dollar today awaiting further direction from dollar overseas. The greenback is lingering close to yesterday`s high, well above 106 mark ahead of Fed Chair Powell`s speech later in the global day for further clarity on Federal policy path. Meanwhile surging benchmark US treasury yields are also supporting dollar which in turn is keeping rupee slightly submissive. Meanwhile, muted undertone in equities amid geo political tensions in Middle East is also seen adding some pressure on the local currency. INR is currently quoting near record lows of 83.28 against the dollar. The benchmark S&P BSE Sensex fell 80 points, or 0.13 percent, to 65,791 while the broader NSE Nifty index is down 22 points, or 0.12 percent, at 19,648.40. Meanwhile, on the NSE, USDINR futures pair is trading at 83.28, marginally up on the day.