INR Drifts Lower Against US Dollar, Nears 83.20 Mark

Published on Jan 01, 2024 12:42

Indian Rupee saw a tepid movement in first session of the New Year after volatile action in last week that pulled the currency back from near record lows against the US dollar. A slide in crude oil prices and sustained record highs for local equities supported the INR. However, the US dollar index has edged up from around five month lows and currently quotes just above 101 mark as markets focus on the wave of fresh economic releases this week. Meanwhile, the key equity barometers traded near the flat line in mid-morning trade. The Nifty traded below the 21,750 mark. At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 15.41 points or 0.02% to 72,224.85. The Nifty 50 index added 11.90 points or 0.05% to 21,743.30. INR currently trades at 83.19, down marginally on the day against the US dollar. On the NSE, USDINR futures are up 0.1% at 83.26 after hitting a high of 83.31 in early moves.