Marginal Gains In INR Though 83 Per US Dollar Marks Holding Well

Published on Sep 08, 2023 11:59

The Indian Rupee gained a bit after recent declines. The currency extended its losing spree after breaking above 83 per US dollar mark this week and fell to a fresh all time high above of 83.20 per US dollar yesterday. The US dollar index jumped to six month high in Thursday, approaching 105 mark amid expectations that interest rates will remain at higher levels for a longer time. Chinese Yuan has been under stress off late as mounting pressure on the Chinese economy is hurting the currency. Data out yesterday showed that China`s exports fell 8.8% in August year-on-year, while imports contracted 7.3%. China posted a trade surplus of US$68.36 billion in August, falling from July`s US$80.6 billion. However, the US dollar index eased in Asian trades today and currently quotes down 0.25% at 104.77. This supported the INR too and the USDINR pair is currently at 83.16, down 7 paise on the day. On the NSE, the USDINR futures are currently down 0.07% at 83.20 mark.