INR lax around 83.50 per US dollar

Indian Rupee stayed lax today amid a choppy movement in local equities. The Indian rupee trades down marginally at 83.53 against the US dollar. Local currency has been weighed down by elevated crude oil prices. Rupee eased today even as the US dollar stayed sloppy. The US dollar index slumped yesterday, breaking under 105 mark and testing a two week low as markets reassessed their interest rate views following release of the US Federal Reserves monetary policy meeting minutes. The minutes of the June 11-12 meeting said participants noted that progress in reducing inflation toward the Fed's 2 percent target had been slower this year than they had expected last December. INR is eying volatile local equities with headlines indices off record highs amid weekly F&O expiry.

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