INR Sees Lax Moves As Dollar Hovers Around Two Week High

Published on Dec 06, 2023 11:57

The Indian Rupee stayed in a lax mood today, lingering around record lows against the US dollar despite record surge in local stocks. The INR currently quotes at 83.35 per US dollar, almost unchanged on the day. The dollar index surged near 104 level yesterday-hitting a two week top as firm economic cues kept the index supported. The US service sector firms signalled further growth in November as output and new business expanded, according to the latest PMI data from S&P Global. The seasonally adjusted final S&P Global US Services PMI Business Activity Index posted 50.8 in November, matching the earlier released `flash` estimate and little-changed from October`s reading of 50.6. Meanwhile, at 50.7 in November, the final S&P Global US Composite PMI Output Index was unchanged from October, and signalled a marginal upturn in business activity. Despite a renewed contraction in manufacturing new orders, a return to growth in the service sector drove the latest rise in new business, ending a three-month sequence of decline. On the NSE, the USDINR futures are trading at 83.36, virtually altered on the day.