INR extends downside amid muted equities

The Indian rupee depreciated 13 paise to close at 86.47 (provisional) against the US dollar on Wednesday, dragged down by risk-off sentiments. Indian shares ended slightly lower on Wednesday as investors kept a close watch on escalating developments in the Israel-Iran conflict and awaited the Federal Reserve's interest-rate decision later in the day. A cautious undertone prevailed as comments from U.S. President Donald Trump raised fears of U.S. involvement in the Israel-Iran conflict. The benchmark 30-share BSE Sensex dropped 138.64 points, or 0.17 percent, to 81,444.66 while the broader NSE Nifty index closed down 41.35 points, or 0.17 percent, at 24,812.05. Meanwhile, FOMC decision scheduled this week is also keeping the greenback supported to some extent. The dollar index that measures the greenback against a basket of currencies gave up yesterday sharp gains and was quoting at 98.24. On the NSE, USDINR futures added around 0.1% to end at 86.36.

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