INR Stayed In Narrow Range; All Eyes On Powell's Testimony

The Indian rupee inched up one paisa at 83.49 (provisional) against the US dollar on Tuesday as gains from strong domestic equities and sliding global crude prices were negated by a surging greenback overseas. Dollar stayed cautiously higher awaiting better clarity from US Federal Reserve (Fed) Chairman Jerome Powell, who will deliver a testimony at the Congressional Financial Committee on monetary policy and the US economy. Meanwhile, Indian shares continued their upward momentum on Tuesday. The benchmark 30-share BSE Sensex rose 391 points, or 0.49 percent, to 80,351 amid buying in blue-chip stocks. The broader NSE Nifty hit a new high of 24,443 before finishing up 112 points, or 0.46 percent, at 24,433. At the interbank foreign exchange market, the rupee started slightly up at 83.49 and hit an intra-day high of 83.47 and a low of 83.51 against the American currency during the session. It finally settled at 83.49 against the dollar, registering a gain of one paisa over the previous close.

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