INR settles slightly lower in range bound trades

The Indian rupee settled 2 paise lower at 88.61 (provisional) against the US dollar in a range-bound trade on Tuesday in line with negative sentiment in equity markets. Indian shares closed lower, mirroring weak cues from global markets as investors braced for the delayed September U.S. jobs data and earnings from Nvidia. The benchmark BSE Sensex ended down 277.93 points, or 0.33 percent, at 84,673.02 while the broader NSE Nifty index fell 103.40 points, or 0.40 percent, to 25,910.05. However, the emergence of foreign fund inflows, a mildly weak greenback and lower crude oil prices helped the Indian currency resist downward pressure. At the interbank foreign exchange market, the rupee opened at 88.67 and moved in a tight range of 88.69 and 88.58 against the dollar. The unit finally settled at 88.61 (provisional), down 2 paise from its previous closing level.

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