Indian Rupee Eases, INRUSD At 83.25 Mark

Published on Sep 26, 2023 15:42

Indian Rupee continued to add to its losses after INRUSD pair broke above 83 mark. Weak equities and sustained gains in the US dollar index are pushing up the INR towards record low. INR currently quotes at 83.25, down 12 paise on the day. There is nothing much on the economic front locally though month end government finances and core industries data will be having a bearing on the INR. Meanwhile, the dollar index is quoting well above 105 level amid expectations of elevated interest rates for a longer duration. The NSE USDINR futures for October monthly expiry are quoting at 83.37, up 0.13% on the day. The latest correction in WTI Crude oil prices has not supported the INR much. Market is also eying the state of the monsoon rainfall and its impact on the rural economy. The monsoon started withdrawing from India on this Monday, eight days behind the normal schedule, according to the Indian Meteorological Department.