INR extends gains amid optimism on US-India trade negotiations

The Indian rupee appreciated around 9 paise to close at 88.11 (provisional) against the US dollar on Friday, supported by optimism on US-India trade negotiations. INR pared early losses contributed by dollar firmness but falling crude oil prices limited downside. Indian shares also ended lower on Friday, with key benchmark indexes Sensex and Nifty snapping a three-day winning streak that was supported by GST reforms, encouraging progress in India-U.S. trade discussions and the Federal Reserve's first rate cut of the year. The benchmark BSE Sensex dropped 387.73 points, or 0.47 percent, to 82,626.23, while the broader NSE Nifty index ended down 96.55 points, or 0.38 percent, at 25,327.05. At the interbank foreign exchange, the rupee opened at 88.22, then touched an intraday low of 88.34 and a high of 88.06 against the greenback. The domestic unit finally settled at 88.11 (provisional), higher by 9 paise over its previous close.

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