INR Gains Capped By Massive Sell-Off In Domestic Equities

The Indian rupee appreciated 3 paise to settle at 83.43 (provisional) against the US dollar on Friday, tracking a weak American currency and retreating international crude oil prices. Dollar index futures are quoting marginally down on the day at 105.09, tracking falling treasury yields with benchmark 10-year yields quoting at 4.5%. Meanwhile, massive selling in the domestic equity market and outflow of foreign funds capped the gains in the local currency. At the interbank foreign exchange, the domestic unit opened at 83.40 and moved in the range of 83.34 and 83.44 against the greenback during the session. The benchmark S&P BSE Sensex ended the session down 732.96 points, or 0.98 percent, at 73,878.15. The broader NSE Nifty index hit record levels in the first hour of trade before reversing course to end at 22,475.85, down 172.35 points, or 0.76 percent, from its previous close.

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