INR snaps two day rally to settle slightly lower

The Indian rupee pared initial gains and settled for the day lower by 7 paise at 88.03 (provisional) against the US dollar on Friday, weighed down by trade tensions and global uncertainties. Renewed foreign fund inflows and lower crude oil prices also boosted investor sentiment further and restricted the downfall. At the interbank foreign exchange, the rupee opened below the 88-mark at 87.91 against the greenback, and touched an intraday high of 87.75. Indian shares ended higher on Friday as investor sentiment was boosted ahead of Muhurat trading and Dhanteras buying. After a weak start, the benchmark BSE Sensex gained momentum to end the session up 484.53 points, or 0.58 percent, at 83,952.19. The broader NSE Nifty index closed up 124.55 points, or 0.49 percent, at 25,709.85. Globally, Asian stocks ended deep in the red as heightened concerns over U.S. banks' loan portfolios added to worries about the ongoing U.S. government shutdown and escalating Sino-U.S. trade tensions.

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