INR Settles Off Intraday High In Line With Benchmark Indices

The Indian rupee pared its initial gains and settled for the day lower by 4 paise at 83.14 (provisional) against the US dollar on Monday, mirroring the benchmark indices that erased their gains and ended the day off their record-high levels. Indian shares ended a volatile session little changed on Monday as investors looked ahead to the exit poll and the general election results for direction. Escalating geopolitical tensions in the Middle East and lingering uncertainty surrounding U.S. rate cuts also rendered the underlying mood cautious. The 30-share S&P BSE Sensex crossed the 76,000-mark for the first-time ever and hit a high of 76,010 before giving up all gains to end the session down 19.89 points at 75,390.50. Likewise, the NSE Nifty index hit a new record at 23,111 before finishing down 24.65 points at 22,932.45. Meanwhile, weakness of the American currency in the overseas market supported the rupee, while elevated crude oil prices in the international market restricted the upmove. At the interbank foreign exchange, the local unit opened at 83.08, then touched an intra-day high of 83.05 but soon pared the gains and settled for the day lower by 4 paise at 83.14 (provisional) against the American currency.

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