Rupee softens against US dollar, local equities mixed

The Indian rupee eased a bit today but stayed in an overall choppy range. Local stocks are witnessing mixed movement amid lack of major economic cues. The INR trades at 83.36 per US dollar, down 3 paise on the day. The US dollar index is weak after falling under 106 mark and quotes around one week low of 106.50. INR could face pressure in intraday moves as the WTI Crude oil futures are staying supported after testing four week lows. WTI Crude currently quotes at 83.07 per barrel mark. Movement in local equities will also be likely volatile as traders roll over positions in the F&O segment from the near month April series to May series. The April 2024 F&O contracts will expire today, 25 April 2024.

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