INR settles marginally lower

The Indian rupee settled 1 paisa lower at 84.43 (provisional) against the US dollar on Tuesday, as support from positive domestic equity markets and lower crude oil prices was negated by strength of the American currency in the overseas market. Indian stocks closed on a positive note on Tuesday despite giving up a substantial portion of intraday gains. Stocks moved higher thanks to positive global cues, and on bargain hunting after recent losses. The BSE benchmark Sensex, which surged to 78,451.65 around noon, gaining more than 1,100 points in the process, eventually ended the day's session with a gain of 239.37 points or 0.31% at 77,578.38, snapping a four-day losing streak. The National Stock Exchange's Nifty50 settled with a gain of 64.70 points or 0.28% at 23,518.50, way down from the day's high of 23,780.65. At the interbank foreign exchange, the rupee opened at 84.39 and stayed range-bound throughout the session. It finally settled at 84.43 (provisional) against the greenback, down 1 paisa from its previous close.

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