INR 83.42+0.08
EUR 1.0797
POUND 1.26935
JPY 157.315
CHF 0.91313
AUD 0.66077
CNY 7.249
Gold 2332.55
Silver 31.543
BRENT CRUDE 84.23
DOLLEX 105.1379
3M USD SOFR 5.34734
6M USD SOFR 5.32594
1Y USD SOFR 5.21326
Range for the day: 83.20 – 83.50
INR open marginally weaker and is poised to depreciate further as dollar strengthens on “safe haven” demand. The rout in Treasuries improved the dollar’s allure due to both higher US yields and demand for safe haven assets ahead of US GDP data release due later today. On the other hand, red trade across global equities shall keep the Indian indices under pressure as well. Moreover, the fall in Global and Asian peers mounts pressure on the rupee against dollar counterpart. However, range bound oil prices amidst tighter supply counter balanced by bleak demand outlook shall keep rupee supportive. Moreover, RBI will closely watch the currency movements and intervene to shield the unit from sharp depreciation.