INR Consolidates In Narrow Range

The Indian rupee consolidated in a narrow range and settled for the day lower by 7 paise at 83.55 (provisional) against the US dollar on Thursday even as both the domestic equity benchmark indices touched all-time high levels. The benchmark S&P BSE Sensex ended the session up 204.33 points, or 0.27 percent, at 76,810.90, with positive overnight cues from the U.S. and Europe as well as a fall in crude prices lending some support. The broader NSE Nifty index closed at 23,398.90, up 75.95 points, or 0.33 percent, from its previous close. Government data showed India's retail inflation easing to a 12-month low of 4.75 percent annually in May, slightly down from the 4.83 percent recorded in April. At the same time, India's industrial output growth slowed to a three-month low of 5 percent in April from 5.4 percent in March due to slower manufacturing growth. At the interbank foreign exchange, the local unit opened at 83.52 and finally settled for the day lower by 7 paise at 83.55 (provisional) against the American currency.

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