Weak Risk Sentiment Takes A Toll On INR

Published on Oct 23, 2023 17:38

Weak risk sentiments weighed on rupee, hammering the currency further today amid negative cues from domestic equities. Rupee dropped 6 paise to 83.18 (provisional) against the US dollar on Monday. Indian shares tumbled on Monday, falling for a fourth successive session, as rising bond yields, geopolitical tensions, inflation concerns and the outlook for interest rates continued to hurt investor sentiment and triggered heavy selling at several counters. US bond yields surged to 5 per cent. However, easing crude oil prices and a flat greenback in the overseas markets helped cap the rupee`s fall. At the interbank foreign exchange market, the local unit opened lower at 83.13 and traded in a tight range of 83.19 and 83.09 against the greenback during the day. On NSE, USDINR front month futures contract was slightly higher at 83.17, up 0.06% on the day.