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Indian Rupee Stays Supported, INR Breaks Under 83 Per US Dollar
(22 Sep 2023, 12:26)
Indian Rupee stayed supported today on media reports that Indian government bonds are likely to get included in an emerging market debt index. The INRUSD broke under 83 mark and hit 89.89 and was further supported by continued optimism on local economic front. India's high-frequency indicators show that the second quarter of 2023-24 is shaping up well amid a retreat in food prices and an improvement in rainfall in September, the finance ministry said yesterday. The INR is currently quoting at 82.94, up 19 paise on the day despite a largely firm undertone in the US dollar overseas. The dollar index is quoting above 105 level amid expectations of elevated interest rates for a longer duration. The NSE USDINR futures are quoting at 82.93, down 0.15% on the day after testing 82.80 mark in intraday moves.

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