USDINR Futures Hit Fresh 10-Week High As Dollar Stays Firm

Published on Aug 03, 2023 17:23

USDINR NSE August futures gave up sharp intraday gains but managed to end the day higher on the back of a firm dollar overseas. USDINR pair on the NSE is up 0.2% at 82.80, having hit the day`s high at 82.87, its highest level in more than 10 weeks. The dollar index, a measure of the U.S. currency against six peers, rose to a fresh three-week high of 102.58 in response to better than expected employment data and is currently trading at 102.50. In the spot market, the Indian rupee was dragged sharply lower on Thursday amid massive strength in the greenback overseas and muted show by equities. Indian shares fell sharply on Thursday to extend losses from the previous session as worries about U.S. fiscal position spurred a broad risk aversion in global financial markets. The rupee fell by 6 paise to settle at 82.73 (provisional) against the US dollar. Yesterday, rupee recorded its steepest single-day fall in nearly six months, declining 45 paise to settle at 82.67 against the US dollar.