INR Consolidates In Narrow Range

The Indian rupee consolidated in a narrow range and settled for the day 3 paise lower at 82.78 (provisional) against the US dollar on Tuesday, as investors remained on the sidelines ahead of the release of key macroeconomic data. Rupee declined marginally on positive US dollar and recovery in crude oil prices. However, positive domestic markets and sustained foreign fund inflows over the past three sessions supported the local unit at lower levels. The benchmark S&P BSE Sensex hit a high of 74,004.16 in intraday trading before closing up 165.32 points, or 0.22 percent, at 73,667.96. The broader NSE Nifty index settled 3.05 points, or 0.01 percent, higher at 22,335.70 after having hit a high of 22,452.55 earlier in the day. At the interbank foreign exchange market, the local unit opened at 82.74 and touched the intra-day low of 82.78 and a high of 82.72 against the greenback. The local unit finally settled at 82.78 (provisional) against the dollar, registering a loss of 2 paise from its previous close. Meanwhile, the dollar index is staying muted as investors await crucial U.S. consumer and producer prices data for more clarity about the Federal Reserve's interest rate moves. The dollar index that measures the greenback against a basket of currencies hit a high of 102.83 earlier in the session before paring some gains to be currently quoting at 102.79, down 0.06% on the day. Meanwhile, benchmark 10-year US treasury yields are staying close to 4% mark.

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