INR Clings Onto 83.50 Per US Dollar Mark

Indian Rupee is holding near 83.50 per US dollar mark, witnessing a very tight movement amid mixed cues from local equities today. The NIFTY50 index eased in intraday moves with highs near 22300 mark capping the upside. INR currently trades flat at 83.50 per US dollar. The local currency seems to be tracking weakness in the US dollar overseas as the dollar index has slipped under 105 mark to test one week low. Dollar gave up despite elevated reading on producer prices. The US Labor Department said its producer price index for final demand climbed by 0.5 percent in April after a revised 0.1 percent dip in March. The report also said the annual rate of producer price growth accelerated to 2.2 percent in April from a downwardly revised 1.8 percent in March. However, the dollar index tracked comments from Federal Reserve Chair Jerome Powell who noted that inflation will move back down and the Fed will likely hold the policy rate where it is. Dollar also softened as markets eyed the release of US consumer price inflation date today.

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