INR settles lower tracking slight recovery in dollar overseas; modest gains in local equities cap downside

The Indian rupee depreciated 16 paise to close at 95.24 (provisional) against the US dollar on Thursday, tracking slight gains in the US Dollar Index and a modest increase in US Treasury yields. The rupee was pressured by a slight recovery in the US Dollar Index and foreign fund outflows, even as lower crude oil prices provided some underlying support. Oil prices steadied following the recent downtrend as investors assessed the implications of a proposed shipping agreement through the Strait of Hormuz. Meanwhile, local shares ended with modest gains. The 30-share BSE Sensex rose 373.76 points, or 0.48 percent, to 78,954.76 while the NSE Nifty index finished 11.35 points higher at 24,636. At the interbank foreign exchange, the rupee opened at 95.13 against the greenback and traded in a range of 95.12-95.24 during the session. It eventually settled at 95.24 (provisional), lower by 16 paise from its previous close.

 

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