INR flat around 83.50 per dollar mark, local stocks slide for five sessions in row

The Indian rupee is witnessing tight trades ahead of the weekend. The local currency has been hit this week on waning risk appetite and tested a record low against the US dollar. The US dollar index futures are hovering around 106 mark, keeping a check on the INR. The WTI Crude oil futures have also bounced sharply today and currently trade up 2% at $83.71 per barrel. The commodity had tested a three week low before this spurt and could hurt the momentum in INR after its recent slide above 83 per US dollar mark. Meanwhile, local equities stayed under continued stress as benchmark indices Sensex and the Nifty fell for the fifth straight day on reports that Israel had launched fresh missiles on Iran. INR currently quotes flat at 83.51 per US dollar, having briefly hit a high under 83.50 per US dollar mark in intraday moves.

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