Rupee down as equities turn lower in Asia

Published on Jan 02, 2024 11:40

The Indian rupee is under stress today amid losses in local equities. INR has dipped after hitting a two week high near 83.10 per US dollar last week. Muted trend in domestic equities and dollar demand from importers contributed to rupee weakness. The today�s slide in INR could also be due to a sharp spike in crude oil prices. INR currently quotes at 83.32 per US dollar, down 10 paise on the day. Meanwhile, local stocks slumped today. The Nifty 50 index lost 128.80 points or 0.59% to 21,613.10 as a dip from all-time highs extended. Global markets are off to a weak start for the New Year with Chinese Shanghai Composite index losing 0.14% while Japanese Nikkei 225 index eased 0.22%. The US dollar index has managed to hold onto its recent gains and currently trades up 0.10% at 101.10.