USDINR Sees Modest Losses

Published on Dec 14, 2023 14:57

Indian Rupee rose today, recovering from record lows against the US dollar as currency market dynamics revolved around the US interest rate outlook. The dollar index dived sharply to its lowest level in four months following dovish FOMC policy outcome, approaching near 102 mark. The greenback tumbled amid dovish signals from Fed�s Committee overnight. Fed announced its widely expected decision to leave interest rates unchanged while also indicating a possible rate cut next year through its dot chart. The Fed stated that inflation has eased over the past year but remains elevated and the Committee remains highly attentive to inflation risks. INR gained following this and currently quotes up 5 paise at 83.35 per US dollar. On the NSE, the USDINR futures are trading at 83.37, down 0.10% on the day.