INR Holds In Tiny Range

Published on Dec 12, 2023 13:24

Indian Rupee is moving in a very narrow range, consolidating just under 83.40 per US dollar mark as the markets eye firm action in Crude oil prices and local stocks witness mild profit selling today after hitting a series of record highs. INR currently quotes flat at 83.37 per US dollar. The US dollar index is down marginally to quote at 103.85 amid some cautiousness ahead of reading on inflation and the US Federal Reserve meeting outcome. Meanwhile, India`s foreign exchange reserves continued to remain high for the straight third week and rose to more than a four-month high of $604.04 billion as of December 1, data from the Reserve Bank of India (RBI) showed on Friday. Earlier, the foreign exchange reserves surged by $2.54 billion to $597.94 billion for the week ending November 24. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $5.08 billion to $533.61 billion.