The Indian rupee slipped 1 paisa to close at 89.23 (provisional) against the US dollar in a range-bound trade on Wednesday, as firm domestic equities and a slide in global crude prices offset the impact of a strengthening greenback. Indian shares rallied on Wednesday, with buying seen across the board as a slew of weak economic data from the United States helped reinforce bets that the Federal Reserve will cut interest rates in December. The benchmark BSE Sensex jumped 1,022.50 points, or 1.21 percent, to 85,609.51 amid broad-based buying. The broader NSE Nifty index surged 320.50 points, or 1.24 percent, to 26,205.30. At the interbank foreign exchange market, the rupee opened at 89.24 and moved in a close range of 89.17-89.28 against the dollar.
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