INR Slumps Against US Dollar Ahead Of Local GDP Numbers

Indian Rupee fell today as a drop from two month highs extended against the US dollar. INR currently quotes at 83.44, down 14 paise on the day as the NIFTY50 index remained around one and half week low. INR also remained volatile ahead of the outcome of the General Elections 2024. The dollar index futures tanked under 105 mark in last session amid easing inflationary worries and are currently quoting at 104.65, almost unchanged on the day. Fx markets will now focus on the PCE data for the month of May 2024 due to come out later tonight. Meanwhile, local players also waited for Indias GDP figures for the March 2024 quarter and FY24.

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