INR OFF RECORD LOWS, DOLLAR INDEX TANKS TO TWO AND HALF MONTH LOW

Published on Nov 21, 2023 12:04

The Indian rupee edged up a bit today after a tumble to record lows in last session against the US dollar. The INR slipped on Monday, starting the week on a feeble note despite a tepid outing in the US dollar index. Sustained foreign fund outflows coupled with elevated oil prices negative led the Indian rupee towards record low levels amid mixed cues from local equities. The rupee declined by around 10 paise to settle at its all-time low of 83.38 against the US dollar on Monday and currently quotes at 83.34 per US dollar. However, the currency was supported today amid firm risk appetite. Asian markets are trading mostly higher this morning, with dollar nursing losses and benchmark U.S.10-year Treasury yields hovering near two-month lows hit last week. The US dollar index is quoting at 103.20, down marginally and around two and half month low.