INR FALLS NEAR 83 PER US DOLLAR MARK, LOCAL STOCKS EASE

Published on Mar 15, 2024 12:05

The Indian rupee eased today, slipping further from a six month high as the US dollar index moved up above 103 mark following elevated US inflation readings this week which are adding to uncertainty on timing of Federal rate interest rate cuts. The Labor Department said its producer price index for final demand rose by 0.6% in February after rising by 0.3% in January. The annual rate of producer price growth accelerated to 1.6% in February from a revised 1% January. The INR currently trades down 5 paise at 82.89 per US dollar after falling to 89.96 per US dollar in intraday moves. Meanwhile, the WTI crude oil futures spiked above 81 per barrel mark, keeping the overall mood lax for INR. Local equities continued to fall in volatile trades today with the benchmark NIFTY50 index quoting just under 22000 mark and holding around two week low.