INR softens amid rangebound equities

The Indian rupee eased a bit today amid a small rebound in dollar overseas. Yesterday, rupee appreciated marginally to settle at 82.90 against the US dollar amid continued firm tone in local equities. However, it seems that one month high levels are capping the strength in the INR. At the interbank foreign exchange market, the local unit currently quotes down 3 paise at 82.93 per US dollar. Meanwhile, the frontline equity indices continued to trade with modest losses in mid-morning trade. At 11:27 IST, the barometer index, the S&P BSE Sensex, tumbled 412.82 points or 0.56% to 73,459.47. The Nifty 50 index declined 116.95 points or 0.52% to 22,288.65. Meanwhile, the US dollar index has edged up near 104 mark as markets are focusing on chair Jerome Powell's congressional testimony later this week.

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