Indian Rupee: Dollar weakness and positive equities support

The Indian rupee traded in a narrow range to settle 2 paise higher at 83.95 (provisional) against the American currency on Wednesday, helped by a sharp decline in the US Dollar against major currencies overseas. The dollar index pulled back notably and is quoting at 102.29. US benchmark treasury yields also eased below 3.9% following producer prices inflation data. On Wednesday, the Labor Department is scheduled to release its more closely watched report on consumer price inflation in the month of July. Mixed-to-positive tone in the domestic market also supported the rupee. The benchmark S&P/BSE Sensex ended up 149.85 points, or 0.19 percent, at 79,105.88 after a slightly choppy session. The broader NSE Nifty index closed at 24,143.75, up 4.75 points, or 0.02 percent, from its previous close. However, foreign fund outflows and geopolitical tensions in the Middle East restricted the rise in the local unit.

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