INR ends on muted note amid choppy equities; Dollar demand from importers

The Indian rupee depreciated 14 paise to close at 90.70 (provisional) against the US dollar on Wednesday, on dollar demand from importers and geopolitical tensions. Local shares also ended on a muted note tracking mixed cues from global markets and amid profit taking after three days of gains on optimism surrounding an interim trade agreement with the United States. Higher oil prices also kept investors on edge ahead of a meeting between Israeli Prime Minister Benjamin Netanyahu and U.S. President Donald Trump that would halt Iran's uranium enrichment. The benchmark BSE Sensex slipped 40.28 points to end at 84,233.64, while the broader NSE Nifty index closed up 18.70 points at 25,953.85. However, FPI inflows may support the local unit at lower levels. At the interbank foreign exchange market, the rupee opened at 90.56 against the US dollar, and touched a low of 90.75 and a high of 90.46 against the greenback in intraday trade.

 

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