INR edges lower amid weak trend in domestic equities

The Indian rupee slipped 2 paise to 88.65 (provisional) against the US dollar on Friday amid a strong American currency against major crosses overseas and rising crude oil prices. A weak trend in domestic equity markets also weighed on the domestic currency. Indian markets cut early losses to end on a flat note Friday on the back of buying in banking, metal and auto shares. The benchmark BSE Sensex hit an intraday low of 82,670.95 amid persistent foreign outflows and a cautious global mood after the release of weak U.S. labor market data. With a bout of short-covering and hopes of progress in India-U.S. trade talks helping spur buying at lower levels, the Sensex eventually ended the session down 94.73 points, or 0.11 percent, at 83,216.28. At the interbank foreign exchange, the rupee opened at 88.61 and tumbled to the intraday low of 88.72 against the greenback. The unit ended the session at 88.65 (provisional), registering a loss of 2 paise from its previous closing level.

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