INR Gives Up Intraday Gains As Dollar Rebounds

Published on Oct 05, 2023 18:08

The Indian rupee pared initial gains and settled 3 paise lower at 83.27 against the US dollar on Thursday, following a recovery in the American currency. At the interbank foreign exchange market, the rupee opened at 83.21 against the greenback and touched an intra-day low of 83.30 and a high of 83.16 amid weakness in greenback overseas. However, investors preferred to stay on the sidelines ahead of the Reserve Bank of India`s rate decision. The dollar index pulled back slightly on Thursday tracking a moderation in benchmark US treasury yields as mixed set of data reduced expectations that Fed would further increase interest rates. Yields eased from recent 16-year highs and dollar index was quoting at 106.40, down 0.12% on the day, and coming off 11 month high. USDINR NSE futures ended the day at 83.34, up marginally on the day.