The Indian rupee is tilting slightly lower today against the US dollar but holds in an overall narrow band. Local equities are witnessing volatile moves and the US dollar index is holding just above 103 mark. Elevated international crude oil prices are also weighing on the local unit. The INR currently quotes at 82.89 per US dollar, down 3 paise on the day. INR has slipped after testing six month high recently but the losses have been limited. Rising forex reserves are likely to cap the weakness in INR. India's foreign exchange reserves soared by $10.47 billion to $636.1 billion for the week ending on March 8, latest data by the Reserve Bank of India (RBI) showed on Friday. This is the biggest surge since the week ended July 14, 2023. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $8.12 billion to $562.35 billion.
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