RUPEE SLUMPS TO RECORD LOW, USDINR FUTURES NEAR 83.60 MARK

Published on Nov 10, 2023 12:36

The Indian Rupee slumped to record lows of 83.46 per US dollar today as an accelerated slide above 83.30 per US dollar mark hit the local currency. The Rupee lost amid worries over a continued elevated interest rate trajectory in the US. Federal Reserve Chair Jerome Powell addressed the outlook for U.S. monetary policy during remarks on Thursday, saying the central bank will not hesitate to resume raising interest rates if it becomes appropriate. Powell also said the Fed is not confident a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time has been achieved. This hurt the risk sentiment and propped up the US dollar index towards 106 mark. The INR currently quotes at 83.42 per US dollar, down 13 paise on the day. The NSE USDINR futures are quoting at 83.46, up 0.16% on the day after nearing almost 83.60 mark in intraday moves.