INR settles lower amid muted equities, dollar gains overseas

The Indian rupee pared its initial gains to settle 8 paise lower at 85.56 (provisional) against the US dollar on Friday, as volatility in domestic equities and recovering global crude prices pressured the local currency. Indian shares ended modestly lower on Friday due to uncertainty surrounding a court battle about U.S. President Donald Trump's tariffs and rising concerns about U.S. economic stability. Weak global cues and a stronger dollar kept investors on edge after an U.S. Appeals court temporarily halted lower court's decision of tariff injunction, giving the court time to review legal arguments and filings. The benchmark 30-share BSE Sensex dipped 182.01 points, or 0.22 percent, to 81,451.01 while the broader NSE Nifty index ended down 82.90 points, or 0.33 percent, at 24,750.70. At the interbank foreign exchange, the domestic unit opened at 85.35 and moved between the intra-day high of 85.25 and the low of 85.64 against the greenback. Meanwhile, India's economic growth slowed to 7.4 per cent in the January-March period, and pulled down the annual growth rate for 2024-25 to a four-year low of 6.5 per cent, mainly due to the manufacturing sector, official data showed on Friday.

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