INR Slides Further Above 83 Per Dollar Mark

Published on Sep 25, 2023 13:02

Indian Rupee continued to weaken today. The INRUSD broke above 83 mark and currently quotes at 83.11, down 17 paise on the day. India`s foreign exchange reserves declined USD 867 million to USD 593.037 billion in the week ended September 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves dropped USD 4.99 billion to USD 593.90 billion. In October 2021, the country`s reserves had touched an all-time high of USD 645 billion. For the week ended September 15, the foreign currency assets, a major component of the reserves, decreased USD 511 million to USD 525.915 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI). The dollar index is quoting well above 105 level amid expectations of elevated interest rates for a longer duration. The NSE USDINR futures are quoting at 83.11, up 0.15% on the day.