INR Locked In Very Narrow Range Against US dollar

Published on Oct 11, 2023 12:51

The Indian rupee continues to trade in a very tight range amid cautious trades this week. A pullback in the US dollar index from its recent highs is providing some support for the Rupee but a renewed wave of strength in the crude oil prices in the wake of geo-political concerns is capping the gains for local currency. The dollar index continues to hold below 106 mark weighed down by dovish message from Federal Reserve officials about reduced expectations of further interest rate hikes. In the local interbank markets, the Indian Rupee is currently up 2 paise to quote at 83.25 against the US dollar after adding very marginal gains in last session. On the NSE, the USDINR futures are quoting at 83.27, down 0.06% on the day. The overall range has been very tiny with the futures moving in a narrow corridor of 83.29-83.26 so far.