INR Turns Volatile After Sharply Higher Open Against US Dollar

Published on Aug 30, 2023 13:05

The Indian Rupee saw a volatile movement today, witnessing a sharply upbeat start that saw the currency open gap up by around 20 paise against the US dollar. This was primarily due to the overnight tumble in the US dollar which fell by half a percent in last session. However, the INR was quick turn around and gave up some of these gains on signs that the US dollar index is stabilizing. Local currency markets also focused on a barrage of important economic releases including June quarter GDP, monthly fiscal deficit and core industries data tomorrow. A renewed wave of surge in the WTI Crude oil futures, which jumped back above $81 per barrel in Asia also capped advances in the rupee and the local currency quotes at 82.79 per US dollar right now, almost unchanged on the day. On the NSE, the USDINR futures are quoting at 82.86, up marginally on the day.