INR inches up as dollar weakness gives some respite

The Indian rupee settled with a gain of 3 paise at 87.34 (provisional) against the US dollar on Monday amid weakness of the American currency in the overseas market and lower crude oil prices. Investors' upbeat sentiment was restricted due to volatile domestic equity markets and unabated withdrawal of foreign funds. The benchmark S&P/BSE Sensex moved in a lackluster manner before ending the session down 112.16 points, or 0.15 percent, at 73,085.94. The broader NSE Nifty index closed at 22,119.30, down 5.40 points, or 0.02 percent, from its previous close despite positive signals from global markets and data showing an uptick in India's GDP growth during the October-December quarter, fueled by higher government and consumer spending. At the interbank foreign exchange, the rupee opened at 87.36 and moved in a wide range during the session, touching the intraday high of 87.25 and the low of 87.41 against the greenback. The unit ended the session at 87.34 (provisional) against the dollar, registering a gain of 3 paise from its previous closing level.

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