INR settles slightly lower; all eyes on RBI

The Indian rupee came off recent lows but consolidated in a narrow range to settle the day lower by 4 paise at 83.96 (provisional) against US dollar on Wednesday, weighed down by a recovery in the US dollar and geopolitical tensions in the Middle East. Higher international crude prices weighed on the currency although strength in domestic markets limited the downside. The benchmark S&P/BSE Sensex jumped 874.94 points, or 1.11 percent, to 79,468.01 - snapping a three-day losing streak amid gains in other Asian and European markets. The broader NSE Nifty index settled 304.95 points, or 1.27 percent, higher at 24,297.50 ahead of the Reserve Bank of India's monetary policy decision due Thursday. At the interbank foreign exchange market, the local unit opened at 83.86 and touched an intraday low of 83.97 against the dollar during the session.