INR see some gains after falling beyond 84 per US dollar mark

Indian Rupee is witnessing some appreciation in early moves today as a slide in the US dollar index is capping further losses in INR. The local currency fell beyond 84 per US dollar mark in last session but edged up today and currently trades at 83.97, up 4 per US dollar right now. A deep slide in WTI Crude oil futures, which tanked under $70 per barrel to test lowest in last eight months, is also keeping INR supported. Overall mood is mixed for the local currency though as global fx movement will now focus on upcoming US nonfarm payrolls data to get more clarity on a September rate cut. Meanwhile, the US dollar index has dipped towards 101 mark, giving up latest gains. On the NSE, USDINR futures for September month are down 0.04% at 84.03 right now, holding in a tight range.

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