INR Steadies Near Recent Lows As Weak Risk Sentiment Weighs

Published on Oct 20, 2023 17:15

Weak risk sentiments across the globe kept the Indian rupee steady near record low levels against the dollar on Friday. Elevated oil prices amid Middle East conflict stoking inflation concerns coupled with expectations of higher prolonged interest rates dented sentiments. Equities in India fell for third straight session tracking global counterparts as the U.S. 10-year Treasury yield briefly reached 5 percent for the first time since 2007. The benchmark S&P BSE Sensex dropped 231.62 points, or 0.35 percent, to 65,397.62, extending losses for a third straight session reflecting weak global sentiment. The broader NSE Nifty index settled 82.05 points, or 0.42 percent, lower at 19,542.65. The rupee settled on a flat note at 83.13 (provisional) against the US dollar on Friday. At the interbank foreign exchange market, the local unit opened weak at 83.17 and traded between the peak of 83.03 and the lowest level of 83.20 against the greenback. On the NSE, USDINR futures ended down 0.15% at 83.12.