INR appreciates slightly tracing modest gains in local equities

The Indian rupee pared intraday losses to settle 3 paise higher at 88.63 (provisional) against the US dollar on Monday, tracking firm domestic equity markets and lower global crude oil prices. Indian shares eked out modest gains on Monday, with underlying sentiment supported by a resounding victory for the BJP-led NDA in the Bihar elections and optimism surrounding a potential India-U.S. trade deal. The benchmark BSE Sensex ended the session up 388.17 points, or 0.46 percent, at 84,950.95. The broader NSE Nifty index rose 103.40 points, or 0.40 percent, to 26,013.45. However, a rebound in greenback against major currencies overseas and foreign fund outflows weighed on the domestic unit. At the interbank foreign exchange market, the rupee opened at 88.70 and hit the intra-day high of 88.56 and the low of 88.73 against the dollar.

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