INR dips amid strong dollar demand; positive equities cushion downside

The rupee depreciated 3 paise to close at 83.96 (provisional) against the American currency on Wednesday, amidst strong dollar demand from importers particularly oil companies. Meanwhile, a positive trend in domestic equities, foreign fund inflows and overnight decline in crude oil prices cushioned the downside. Indian shares ended Wednesday's choppy session on a flat note as investors eagerly awaited the release of the Federal Reserve's preferred inflation gauge later this week for signals on U.S. interest-rate reductions. The 30-share BSE Sensex ended the session up 73.80 points, or 0.09 percent, at 81,785.56, after having hit a high of 82,039.25 in the afternoon. At the interbank foreign exchange market, the local unit opened at 83.94 and touched an intra-day low of 83.97 against the US dollar.

 

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