INR firm at over two-week high amid positive local equities

The Indian rupee stayed firm for the second straight session and settled 8 paise higher at 83.79 (provisional) against the US dollar on Tuesday, buoyed by positive domestic equity markets, weak American currency and lower crude oil prices. Foreign fund outflow, however, resisted a sharp rise in the local unit. Indian shares eked out modest gains on Tuesday amid bets the Federal Reserve will cut interest rates next month after inflation finally dropped below 3 percent. The 30-share BSE Sensex ended the session up 378.18 points, or 0.47 percent, at 80,802.86, while the broader NSE Nifty index closed up 126.20 points, or 0.51 percent, at 24,698.85. At the interbank foreign exchange, the rupee opened at 83.86 against the greenback and traded in the range of 83.76 to 83.88. The unit finally settled at 83.79 (provisional) against the dollar, registering a gain of 8 paise from its previous closing level.

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