INR slips marginally; Falling crude prices cushion downside

The Indian rupee declined 4 paise to settle at 83.70 (provisional) against the US dollar on Friday amid subdued domestic equity markets and increased month-end demand for the American currency. After a flat start, the Indian stocks moved up a bit Friday morning, lifting the benchmark indexes Sensex and the Nifty50 to fresh record highs, but changed course and kept drifting lower as the day progressed as investors chose to take some profits amid a lack of any significant triggers. The BSE benchmark Sensex, which hit a new all-time high at 85,978.25, ended the day with a loss of 264.27 points or 0.31% at 85,571.85, while the broader Nifty50 index of the National Stock Exchange settled with a loss of 37.10 points or 0.14% at 26,178.95, after hitting a new high at 26,277.35. However, sliding crude prices in the international market and renewed foreign fund inflows supported the local unit and restricted the fall. At the interbank foreign exchange, the local unit opened at 83.64 and moved between the high of 83.62 and the low of 83.71 during the session. The local unit finally settled at 83.70 (provisional) against the dollar, registering a loss of 4 paise from its previous close.