INR seen supported by dollar weakness overseas

The Indian rupee witnessed range-bound trading and settled higher by 6 paise at 88.20 (provisional) against the US dollar on Monday, tracking weakness in greenback oversea. The domestic unit was caught between worries over US trade tariffs and hopes of a FED rate cut. The major Indian stock indices Sensex and the Nifty ended on a weak note on Monday as investors chose to take some profits ahead of the Federal Reserve's monetary policy announcement due later this week. The BSE benchmark Sensex snapped a 5-day winning streak, settling at 81.785.74 with a loss of 118.96 points or 0.15%, while the National Stock Exchange's Nifty50 closed with a loss of 44.80 points or 0.18% at 25,069.20, snapping an eight-session winning streak. At the interbank foreign exchange, the rupee opened at 88.25, then touched an intraday low of 88.30 and a high of 88.13 against the greenback during the day. The domestic unit settled for the day at 88.20 (provisional), higher by 6 paise over its previous close.

 

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