INR SNAPS TWO DAY WINNING STREAK; CHOPPY EQUITIES AND SURGE IN OIL PRICES WEIGH

Published on Oct 12, 2023 17:16

The Indian rupee snapped its two day winning streak and settled 6 paise lower at 83.24 (provisional) against the US dollar on Thursday. Rising crude oil prices and choppy domestic equities dented the investor sentiment although weakness in dollar overseas supported the local unit. The benchmark S&P BSE Sensex ended the session down 64.66 points, or 0.10 percent, at 66,408.39 ahead of U.S. consumer price inflation data due later in the day. Investors also await domestic macroeconomic data, namely industrial production and inflation. Yield on the Indian 10-year government bond eased sharply to 7.3% mark. At the interbank foreign exchange, the rupee opened at 83.17 and then traded between the intra-day peak of 83.12 and the lowest level of 83.25 against the greenback. The local unit finally settled at 83.24 (provisional), registering a loss of 6 paise from its previous close. The dollar index extended weakness to 105.48. On the NSE, October futures ended at 83.29, up marginally on the day.