INR ends slightly lower; Negative cues from local equities weigh

The Indian rupee pared initial gains and settled 4 paise lower at 89.20 (provisional) against the greenback on Tuesday, weighed down by negative cues from domestic equity markets. Indian shares drifted lower as continued selling by foreign investors offset positive cues from global markets. The benchmark BSE Sensex swung between gains and losses before closing down 313.70 points, or 0.37 percent, at 84,587.01, dragged down by IT and media stocks. The broader NSE Nifty index dropped 74.70 points, or 0.29 percent, to 25,884.80. However, falling crude oil prices supported the Indian currency at lower level. At the interbank foreign exchange market, the rupee opened at 89.02 and touched an intra-day low of 89.27 against the greenback.

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