INR stays supported by firm trend in equities; Benchmark indices log record highs

The Indian rupee consolidated in a narrow range and settled for the day higher by 3 paise at 83.86 (provisional) against the American currency on Friday, supported by a firm trend in domestic equities and the weakness of the American currency in the overseas market. Indian shares hit new record highs on Friday as positive U.S. labor market and GDP data pointed to a soft landing for the world's largest economy. The 30-share BSE Sensex added 231.16 points, or 0.28 percent, to settle at 82,365.77, after having hit a new record high of 82,637.03 during the intra-day trade. Rupee gained on Friday as domestic markets touched fresh record highs. Moreover, fresh foreign fund inflows also supported the rupee. However, a surge in crude oil prices capped sharp gains. At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.82 and a low of 83.88 against the American currency.

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