INR settles lower amid continued dollar demand from importers

The Indian rupee pared initial gains and settled for the day on a negative note, lower by 10 paise at 87.57 (provisional) against the US dollar on Thursday, as it came under pressure due to continued dollar demand from importers. Rupee pared initial gains on positive crude oil prices, dollar demand from importers and foreign fund outflows. Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the US. Indian shares ended marginally higher on Thursday, tracking mixed cues from global markets. India's wholesale prices decreased for the second straight month in July and at the fastest pace in two years, provisional data from the Ministry of Commerce and Industry revealed earlier today. The wholesale price index dropped 0.58 percent year-over-year in July, following a 0.13 percent fall in June. Meanwhile, investors weighed what impact the U.S.-Russia summit on Ukraine on Friday might have on Russian crude flows. The benchmark BSE Sensex moved in a tight range before ending the session up 58 points at 80,597.66. The broader NSE Nifty index ended little changed with a positive bias at 24,31.30. On the NSE, USDINR gained 0.15% to end at 87.64.

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