INR SETTLES WITH MARGINAL GAINS; RBI STAYS PAT ON RATES

Published on Oct 06, 2023 17:31

Positive tone in equities as the Reserve Bank kept the repo rate unchanged in its fourth consecutive monetary policy review coupled with a slight retreat in dollar from recent highs supported rupee off deep losses on Friday. Rupee appreciated 4 paise to settle at 83.21 (provisional) against the US dollar. At the interbank foreign exchange, the domestic unit opened at 83.21 against the dollar and traded between a high of 83.28 and a low of 83.18. It finally settled at 83.21 (provisional) against the dollar, up 4 paise over Thursday`s closing level of 83.25. The dollar index lost some momentum after the insistent rally but continues to hold above 106 mark ahead of the crucial monthly jobs report. The retreat in dollar is in tandem with benchmark US treasury yields that paused its relentless rally to hit 16-month highs. Yields eased slightly to 4.71% after ADP data showed that private job growth totaled 89,000 in September, the least since January 2021 and well below the 153,000 expected.