INR consolidates in narrow range

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The Indian rupee consolidated in a narrow range and settled for the day lower by 6 paise at 88.68 (provisional) against the US dollar on Thursday, as foreign fund outflows and continuous dollar demand from local importers, including oil companies, exerted pressure on the local currency. Indian equity benchmark Sensex and the Nifty50 settled just marginally up. The BSE benchmark Sensex, which climbed to 84,919.43 intraday, gaining more than 450 points, settled with a small gain of 12.16 points or 0.01% at 84,478.67. The National Stock Exchange's Nifty50, which surged to 26,010.70, finsihed with a gain of 3.35 points or 0.01% at 25,879.15. Moody's Ratings on Thursday projected India's economy to expand 7 per cent in 2025, with growth easing to 6.5 per cent the following year, supported by robust domestic demand, export diversification and a neutral-to-easy monetary policy stance. At the interbank foreign exchange, the rupee opened at 88.66 against the US dollar and touched an intra-day high of 88.63 and a low of 88.73 during the day.

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