INR flat after gaining in last session

The Indian rupee saw a flat movement but overall stayed in recovery mode on Wednesday. The US dollar came under pressure as tepid US retail sales data bolstered bets that the Federal Reserve will have to cut interest rates soon. Gains were limited for the INR though as local stocks saw some weakness. INR currently trades flat at 83.42 per US dollar. Yesterday, rupee appreciated 13 paise buoyed by fresh inflow of foreign capital and a firm trend in domestic equity markets. The benchmark S&P/BSE Sensex rose 308.37 points, or 0.40 percent, to 77,301.14 - extending gains for a fourth straight session on the back of firm global cues and expectations that the government is considering income tax rate cuts in the upcoming Budget. The broader NSE Nifty index closed at 23,557.90, up 92.30 points, or 0.39 percent, from its previous close. Meanwhile, the US dollar index is holding flat around 105 mark.

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