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INR Weakens Slightly, Holds Around 83.35 Per US Dollar Mark

Published on Mar 27, 2024 15:07

The Indian rupee eased a bit today after a sharp recovery in last session. INR had rebounded on Tuesday after tumbling to lifetime low level in the prior session. Broad strength in dollar index above 104 mark ahead of a key US inflation reading is seen keeping the local unit under pressure. INR appreciated 33 paise to close at 83.28 against the US dollar on Tuesday. On Friday, rupee fell to a lifetime low of 83.61 amid a heavy selling by Foreign Institutional Investors or FIIs in local bonds. Total selling by FIIs in dent amounted to a net $425.3 million on 22 March 2024. Meanwhile, India`s finance ministry said in its monthly economic review last week that inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea. INR currently quotes down 5 paise at 83.34 per US dollar.

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