Indian Rupee has eased slightly today, continuing to see some resistance around two month high against the US dollar. The INR currently trades down 5 paise at 83.66 per US dollar. Local equities stayed supported in record territory with the benchmark NIFTY50 index nearing 26300 mark. INR is likely turning cautious ahead of the critical US PCE data and market is also waiting for local releases like government finances and core sector growth. The US dollar index is off its 14 month low and stays in a narrow trajectory. However, it has not gone back below the 100 mark following US Feds large sized 50 basis points cut in the last week. On the NSE, USD/INR futures are quoting flat at 83.78 for the October expiry.
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