INR Slips As Crude Oil Holds Near Two Month Top

The Indian rupee eased modestly today despite weakness in US dollar overseas. INR seems to be pausing after latest gains pulled it off record lows against the US dollar last week. On Friday, rupee appreciated 11 paise to settle at 83.34 against the US dollar amid recent inflow of foreign funds. Benchmark indexes Sensex and Nifty surged over 2 percent each to hit record high levels last week despite concerns about elevated valuations. Some concerns posed by soaring crude oil prices trimmed gains for the local currency and INR currently quotes at 83.42 per US dollar, down 8 paise on the day. WTI Crude oil prices are holding around two month high above $82 per barrel. Meanwhile, India's forex reserves jumped by USD 816 million to USD 653.711 billion for the week ended June 21, the RBI said on Friday. In the previous reporting week, the overall reserves had dropped by USD 2.922 billion to USD 652.895 billion.

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