INR Settles Cautiously Lower; Domestic GDP Data Eyed

Published on Feb 28, 2024 17:08

The Indian rupee declined by 3 paise to settle at 82.92 (provisional) against the US dollar on Wednesday, tracking bearish equity markets and foreign fund outflow amid increased month-end demand for the American currency. The benchmark S&P BSE Sensex fell 790.34 points, or 1.08 percent, to 72,304.88 while the broader NSE Nifty index tumbled 247.20 points, or 1.11 percent, to 21,951.15. However, softening crude oil prices provided a cushion to the Indian currency which was weighed down by a stronger dollar ahead of crucial US inflation slated for the week. Personal Consumption Expenditures (PCE) figures from January and Gross Domestic Product (GDP) revisions from Q4 are keenly awaited. The dollar index that measures the greenback against a basket of currencies is quoting at 104.03, up 0.28% on the day. Also, market participants were cautious ahead of the domestic GDP data to be released on Thursday and the US GDP numbers expected on Wednesday.