Mild rebound in dollar and muted local equities weigh on rupee

Don't want to miss the best from Business Standard?

The Indian rupee is steadying in a narrow range as a mild rebound in dollar overseas is adding pressure on the local unit. INR opened at Rs 88.61 and dipped to a low of 88.68 so far during the day. Muted domestic equities are further weighing on the counter. Yesterday, rupee appreciated 10 paise to 88.60 against the US dollar, supported by a weak American currency against major rivals overseas. Subdued sentiment in domestic equity markets and continued outflow of foreign capital however, prevented a sharp gain in the Indian currency. Key benchmark indexes pared early gains and turned lower after data showed a measure of India's services sector growth fell to a five-month low in October amid competitive pressures and heavy rains. The benchmark BSE swung between gains and losses before ending the session down 148.14 points, or 0.18 percent, at 83,311.01. The broader NSE Nifty index dropped 87.95 points, or 0.34 percent, to 25,509.70.

Powered by Capital Market - Live News