INR ends flat as negative bias from equities were offset by weak dollar overseas

The Indian rupee pared initial losses and settled on a flat note with a gain of just 2 paise at 87.30 (provisional) against the US dollar on Tuesday, as a weak US Dollar index and a sharp fall in crude oil prices prevented the slide in the domestic unit. INR traded flat with a negative bias on a weak tone in the domestic markets. Foreign Institutional Investors (FIIs) continued to remain net sellers, which also weighed on the rupee. The key equity indices ended with minor losses on Tuesday, as market sentiment was dampened by US President Donald Trumps decision to implement tariffs on Canada and Mexico starting today, along with Canadas retaliatory tariffs on US goods. As per provisional closing, the barometer index, the S&P BSE Sensex, fell 96.01 points or 0.13% to 72,989.93. The Nifty 50 index shed 36.65 points or 0.17% to 22,082.65. However, weakness of the American currency in the overseas market and lower crude oil prices supported the unit.

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