INR pares intraday gains to end marginally lower

The Indian rupee gave up its gains and settled for the day lower by 2 paise at 86.07 (provisional) against the US dollar on Wednesday, on recovery in global crude oil prices and the US Dollar index. A strong show in the domestic equity markets prevented steep losses in the local unit. Indian shares rose sharply on Wednesday as the fragile Iran-Israel truce took hold and balanced comments from Federal Reserve Chair Jerome Powell prompted traders to price in two Fed cuts by the end of 2025, with a first move in September far more likely than next month. The benchmark 30-share BSE Sensex jumped 700.40 points, or 0.85 percent, to 82,755.51, with IT, media and rate-sensitive auto stocks pacing the gainers. The broader NSE Nifty index closed up 200.40 points, or 0.80 percent, at 25,244.75 while the BSE mid-cap and small-cap indexes added 0.6 percent and 1.6 percent, respectively. At the interbank foreign exchange, the rupee opened at 86.00 against the US dollar and traded in the range of 85.79-86.14 before settling at 86.07 (provisional), down 2 paise from its previous close. On the NSE, USDINR futures ended marginally higher at 86.09.

 

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