INR settles marginally higher amid weak greenback overseas

The Indian rupee gained 2 paise to close at 83.95 (provisional) against the US dollar on Friday amid a weak greenback in overseas markets. The US dollar index slipped to a one-week low on Friday as investors brace for US jobs data scheduled to be released later in the global day. The yield on the benchmark ten-year note, which moves opposite of its price, decreased by 3.7 basis points to 3.731 percent, its lowest closing level in over a year. The dollar index also stayed cautiously lower below 101 mark, drifting lower for the third straight day and currently at 100.90, down 0.17% on the day. However, negative domestic markets, rise in crude oil prices, and outflow of foreign capital capped sharp gains. The benchmark S&P/BSE Sensex fell 1,017.23 points, or 1.24 percent, to 81,183.93 on profit taking after reaching record levels in recent sessions. The broader NSE Nifty index fell by 292.95 points, or 1.17 percent, to 24,852.15. At the interbank currency market, the local unit opened at 83.97 and witnessed an intra-day high of 83.91 against the American currency.

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