INR settles lower amid notable weakness in local equities

The Indian rupee traded in a narrow range and settled for the day lower by 5 paise to 84.07 (provisional) against the US dollar on Thursday, pressured by foreign fund outflows, a negative trend in domestic equities and broad strength of the American currency. The BSE 30-share Sensex dropped 494.75 points, or 0.61 percent, to end at 81,006.61, extending losses for a third straight session. Similarly, the broader NSE Nifty index ended at 24,749.85, down 221.45 points, or 0.89 percent, from its previous close. The domestic currency witnessed range-bound trade as weak domestic markets and a strong US dollar weighed on the domestic currency, while a decline in crude oil prices and contained geopolitical tensions cushioned the downside. At the interbank foreign exchange market, the local unit opened at 84.01 and traded in a narrow range of 83.99 and 84.07 and finally settled for the day at 84.07 (provisional), lower by 5 paise over its previous close of 84.02.

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