INR ends on flat note; US inflation eyed

The Indian rupee witnessed range-bound trade and settled for the day on a flat note at 83.98 (provisional) against US dollar on Wednesday as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities. The benchmark 30-share Sensex dropped 398.13 points, or 0.49 percent, to 81,523.16 while the broader NSE Nifty index ended at 24,918.45, down 122.65 points, or 0.49 percent, from its previous close. A significant correction in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and touched an intraday high of 83.93 and a low of 83.98 against the American currency.

 

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