INR SUPPORTED BY EASING CRUDE PRICES AND FOREIGN FUND INFLOWS

Published on Jan 03, 2024 16:59

The Indian rupee pared back some of its deep losses made earlier in the day and settled higher by 4 paise to close at 83.28 (provisional) against the US dollar on Wednesday. INR was supported by easing crude oil prices and foreign fund inflows although the Indian currency remained under pressure amid a negative trend in domestic equities. At the interbank foreign exchange market, the local unit opened at 83.30 against the greenback. Meanwhile, dollar is cautiously hovering around 102 mark awaiting crucial FOMC minutes and jobs data this week. The benchmark S&P BSE Sensex ended the session down 535.88 points, or 0.75 percent, at 71,356.60, tracking weak cues from global markets. The broader NSE Nifty index dropped 148.45 points, or 0.69 percent, to 21,517.35.