INR Consolidates In Narrow Range

The rupee consolidated in a narrow range and settled for the day 3 paise higher at 83.58 (provisional) against the US dollar on Tuesday, on firm domestic markets and sustained inflow of foreign capital. The benchmark S&P BSE Sensex hit an intraday high of 80,898 before closing up 52 points at 80,717. The broader NSE Nifty index closed up 26 points at 24,613 after reaching a high of 24,661 early in the day. Decline in crude oil prices also supported the counter although a strong US dollar overseas capped sharp gains. Dollar index rebounded above 104 mark as markets prefer to maintain cautious stance following a failed assassination attempt on former US President Donald Trump. Alongside DXY, yield on 10-year Treasury note rose above 4.23%, rebounding from 4-month lows. At the interbank foreign exchange market, the local unit opened at 83.59, and touched an intraday high of 83.53 and a low of 83.60 against the dollar during the trading session.

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