Indian Rupee: Settles flat amid weak cues from equities

The Indian rupee witnessed range-bound trading and settled for the day on a flat note at 83.97 (provisional) against the US dollar on Tuesday, as weak domestic markets and a surge in crude oil prices weighed on investor sentiments. The benchmark S&P/BSE Sensex fell 692.89 points, or 0.87 percent, to 78,956.03 while the broader NSE Nifty index settled at 24,139, down 208 points, or 0.85 percent, from its previous close. Risk aversion in the global markets amid heightened geopolitical tension in the Middle East between Israel and Iran also dented sentiments. The US dollar in the interim stayed steady with all eyes on upcoming data. Investors now turn attention to US producer and consumer price inflation on Tuesday and Wednesday, respectively, with the data likely to impact the outlook for interest rates. At the interbank foreign exchange market, the local unit traded in a tight range as it opened at 83.95 and finally settled at 83.97 (provisional) against the American currency, unchanged from its previous close.

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