INR SLIPS BEYOND 83/$ MARK AMID MASSIVE STRENGTH IN GREENBACK OVERSEAS

Published on Feb 05, 2024 17:35

The Indian rupee depreciated 8 paise to settle at 83.06 (provisional) against the US dollar on Monday, as strengthening American currency overseas and negative sentiment in the domestic equity markets weighed on the local unit. The dollar index extended Friday�s surge and is hovering at its highest level in eight weeks around 104 mark. The greenback strengthened following US jobs data that came in better than expected and further reduced bets of a near term Federal rate cut. US Nonfarm Payrolls surged to 353K in January from an upwardly revised 333K in December. However, the downward trend in the global crude oil prices supported the domestic unit and restricted its decline. At the interbank foreign exchange, the rupee opened at 83.03 against the dollar and traded in the narrow range of 83.00 to 83.07. The local unit finally settled at 83.06 (provisional) against the greenback, down 8 paise over its previous close.