INR almost hits 83 mark, NIFTY spikes to two month high

Published on Nov 15, 2023 12:42

The Indian Rupee gained impressively today as the US dollar has slumped in global markets following a tepid US inflation reading. The INR held around record low earlier in the week. The INR closed at 82.35 per US dollar in last session, down 7 paise on the day but bounced back sharply today to quote at 83.10 per US dollar, up 22 paise on the day. INR hit 83.01 per US dollar in intraday moves. Local stock markets surged with the benchmark NIFTY50 index zooming 1% to hit a two month high. Meanwhile, India`s foreign exchange reserves increased by $4.67 billion to $590.78 billion for the week ending November 3, the latest data by the Reserve Bank of India (RBI) showed on Friday. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) were up by $4.39 billion to $521.9 billion. The US dollar index has toppled under 104 mark to test a two and half month low today and is likely to benefit the INR.