INR slips off two-week high

The Indian rupee nosedived 14 paise to 83.91 (provisional) against the US dollar on Wednesday amid unabated outflow of foreign capital and volatile domestic equity markets. The benchmark S&P/BSE Sensex moved in a narrow range before closing up 102.44 points, or 0.13 percent, at 80,905.30. The broader NSE Nifty index settled up 71.35 points, or 0.29 percent, at 24,770.20. A weak American currency and lower level of crude prices, however, cushioned the local unit at lower level. At the interbank foreign exchange, the rupee opened weak at 83.79 and touched the intra-day low of 83.94 against the greenback. The unit finally settled at 83.91 (provisional) against the dollar, registering a loss of 14 paise from its previous days' closing level of 83.77, a near 2-week high. The US currency fell to its lowest level so far this year as investors turn cautious ahead of Federal Reserve minutes due later in the global day. The dollar index is trading below 102 mark on Wednesday morning in Asia as investor await further cues from the Federal Reserve for clarity on timing and magnitude of interest rate cut.

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