INR settles slightly higher amid weak dollar overseas

The Indian rupee traded in a narrow range and settled for the day higher by 4 paise at 83.97 (provisional) against the US dollar on Thursday, on weakening of the American currency in the overseas market and an overall drop in crude oil prices. The dollar index traded around 101.3 on Thursday after losing half a percent in the previous session whereas yield on the 10-year US Treasury note held around 3.77% after falling for two straight sessions, as weak manufacturing and labor market data prompted traders to price in more aggressive rate cuts from the Federal Reserve this year. Investors awaited the key US jobs report for more insights on the extent of the Federal Reserves interest rate cut. Meanwhile, the domestic unit witnessed a slight negative bias on weak global equities and concerns over global economic growth. The benchmark 30-share BSE Sensex dropped 151.48 points, or 0.18 percent, to 82,201.16 while the broader NSE Nifty index closed at 25,145.10, down 53.60 points, or 0.21 percent, from its previous close. At the interbank foreign exchange market, the local unit opened at 83.98 and witnessed an intraday high of 83.97 against the American currency.

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