INR trades in narrow range amid muted equities

The Indian rupee traded in a narrow range in opening trades on Friday as negative cues from equities offset any gains from sifter US dollar overseas. Indian shares are set for a muted opening on Friday as investors await the Bihar election results for directional cues. INR opened at Rs 88.70 per dollar and dropped to a low of 88.75 so far during the day. Yesterday, rupee consolidated in a narrow range and settled for the day lower by 6 paise at 88.68 against the US dollar, as foreign fund outflows and continuous dollar demand from local importers, including oil companies, exerted pressure on the local currency. Indian equity benchmark Sensex and the Nifty50 settled just marginally up. The BSE benchmark Sensex, which climbed to 84,919.43 intraday, gaining more than 450 points, settled with a small gain of 12.16 points or 0.01% at 84,478.67. The National Stock Exchange's Nifty50, which surged to 26,010.70, finsihed with a gain of 3.35 points or 0.01% at 25,879.15. Moody's Ratings on Thursday projected India's economy to expand 7 per cent in 2025, with growth easing to 6.5 per cent the following year, supported by robust domestic demand, export diversification and a neutral-to-easy monetary policy stance.

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