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USDINR End Marginally Lower Ahead Of US Retail Sales Data

Published on Jul 18, 2023 16:48

USDINR futures gave up further gains on Tuesday as dollar continued to stay under pressure ahead of retail sales data from the US. Recent data from the US showed that inflation showed signs of easing in the US while labor market cooled further reducing bets for a further Federal rate hike. The dollar index struggles below 100 mark, its lowest level since April 2022 amid large scale sell-off. US benchmark treasury yields are also trading lower at around 3.7% after hitting 4% last week. USNINR futures on the NSE ended at 82.06, down marginally on the day. Meanwhile, in the spot market, rupee consolidated in a narrow range and settled flat at 82.03 (provisional) against the US dollar on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices. At the interbank foreign exchange market, the rupee opened at 82.01 against the US dollar and finally settled at 82.03 (provisional), unchanged from its previous close.

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