USDINR Surrenders Intraday Gains To Settle Flat

Published on Aug 01, 2023 17:40

USDINR on the NSE futures surrendered most of its intraday gains to settle almost flat for the day despite massive strength in the dollar overseas and weak sentiment in local equities. The dollar index is staying firm and is seen fast approaching 102 mark. The pair on the futures settles for the day almost flat at 82.32. Meanwhile, strong growth momentum in the Indian manufacturing at the start of the third quarter amid ongoing buoyant demand is keeping the currency supported. Data showed seasonally adjusted S&P Global India Manufacturing Purchasing Managers` Index (PMI) posted 57.7 in July, broadly in line with the reading of 57.8 in June. The index signalled a further substantial improvement in the health of the sector. Business conditions have now strengthened in each of the past 25 months. In the spot market, rupee pared initial losses and settled for the day 3 paise higher at 82.26 (provisional) against US dollar on Tuesday.