INR ends on flat note; recovery in local equities support

The Indian rupee traded on a flat note to settle just 1 paisa lower at 84.07 (provisional) against the US dollar on Friday as lower crude oil prices and a weak greenback offset the impact of persistent foreign capital outflows. A positive momentum in the domestic equity markets supported the local currency and restricted its fall. Local shares recovered from an early slide to end modestly higher on Friday. Rate-sensitive banks, automakers and metal stocks advanced, offsetting weakness in the IT and FMCG sectors. The benchmark 30-share BSE Sensex ended the session up 218.14 points, or 0.27 percent, at 81,224.75, snapping a three-session losing streak. The broader NSE Nifty index closed at 24,854.05, up 104.20 points, or 0.42 percent, from its previous close. At the interbank foreign exchange market, the local unit opened at 84.06 against the greenback and stayed almost flat during the entire session. The unit finally settled at 84.07 (provisional) against the dollar, registering a loss of 1 paisa from its previous close.

 

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