INR back above 83.50 per US dollar mark

The Indian rupee weakened today as WTI crude oil prices hover at a two month high above $83 per barrel mark. INR had seen some gains after testing record lows against the US dollar but the currency has been unable to extend this winning spree further. The US dollar index is holding around 105.60 mark ahead of a slew of US data this week and positive domestic equities. Yesterday, rupee depreciated around 10 paise and added to these losses today, quoting at 83.51, down 6 paise on the day against the US dollar. A mild pick up in domestic 10 year G sec bond yields, which are back above 7% mark, could provide some support for the INR in near term amid mostly supportive cues from equities.

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