INR seen consolidating in narrow range

The Indian rupee consolidated in a narrow range and settled for the day higher by just 3 paise at 87.69 (provisional) against the US dollar on Thursday, after US President Donald Trump imposed an additional 25 per cent duty, doubling it to 50 per cent on Indian goods and denting market sentiments. Uptick in crude oil prices weighed but a decline in the US Dollar index supported the rupee. However, muted domestic markets and foreign fund outflows capped sharp gains. The benchmark BSE Sensex hit an intraday low of 79,811 before recovering to close up 79.27 points, or 0.10 percent, at 80,623.26. The broader NSE Nifty index ended up by 21.95 points, or 0.09 percent. Moreover, Trump's aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent making them among the most heavily taxed US imports globally, further dented market sentiments. On the NSE, USDINR futures ended lower by 0.24% at 87.62.

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