USDINR HOVERS AROUND 83.20 MARK, EQUITIES WELL SUPPORTED

Published on Dec 26, 2023 14:59

The Indian rupee saw thin trades against the US dollar today but stayed supported amid weakness in dollar overseas. The US Dollar index has lost ground this week and is staying near five month low of 101 mark following a sharp slowdown in US consumer price growth. Data from the Commerce Department said the annual rate of consumer price growth decelerated to 2.6% in November from a downwardly revised 2.9% in October. The annual rate of growth by core consumer prices, which exclude food and energy prices, also slowed to 3.2% in November from a downwardly revised 3.4% in October. On Friday, rupee appreciated by 11 paise to settle at 83.16 against the US dollar and is currently quoting at 83.19, down marginally on the day. INR hit 83.10 per US dollar in intraday moves. The local stock markets are well supported with the benchmark index NIFTY50 hovering around 21400 mark. Meanwhile, India`s foreign exchange reserves rose for the fifth straight week, reaching an over 20-month high of $615.97 billion as of December 15, according to the data released by the Reserve Bank of India on Friday.