Rupee Trades Flat Above 83 Per US Dollar, FII Inflows In August Lowest Since April 2023

Published on Sep 06, 2023 12:04

The Indian rupee continued to trade weak as a break beyond the 83 per US dollar mark level for the first time in nearly two weeks has pushed the currency towards record low. Sentiments remain tepid for the INR despite steady cues from equities as the overwhelming rally in the US dollar index which has jumped near six month high is weighing on the emerging market currencies. The INR currently quotes at 83.07, down 3 paise on the day. Some concerns are emerging over the funds inflow from overseas as the Foreign Institutional Investors or FIIs made a total of Rs 18338 crore of net investments in local financial markets in August 2023, down sharply compared to around Rs 48000 crore in July 2023. This was also the lowest inflow since April 2023. The NSE USDINR futures for September expiry are quoting flat at 83.13 in mostly sideways trading so far.