Indian Rupee Holds Steady at 83.26 Despite Dollar's Strength

31 Oct 2023 , 10:10 AM

The Indian rupee opened relatively stable against the US dollar despite losses in Asian currencies, trading at 83.26 per dollar at 9.10 a.m., a marginal 0.01 % decline from the previous close of 83.25.

The rupee’s trading range remains confined between 83.15 and 83.30, influenced by several factors, including a robust US dollar, elevated US bond yields, surging oil prices, a volatile domestic stock market, and foreign portfolio investment outflows. It continues to hold around 83.30 despite these challenges.

The US dollar index, gauging the strength of the American currency against major global currencies, was observed at 106.302, reflecting a 0.17 % increase from its prior close at 106.12.

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