Mumbai: The Indian rupee consolidated in a narrow range and settled lower at against the US dollar on Tuesday. The rupee was weighed down by the recovery in the US dollar and geopolitical tensions between India and Pakistan. However, positive domestic markets and a decline in crude oil prices cushioned the downside for the domestic currency.
At the interbank foreign exchange, the domestic currency opened at 85.06 and ended the session at 85.25 (provisional), registering a fall of 2 paise over its previous close. On Monday, the rupee appreciated 18 paise to close at 85.23 against the US dollar.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading higher by 0.17 per cent at 99.18.
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Foreign institutional investors (FIIs) bought Indian equities worth Rs 2,474.10 crore on a net basis on Monday. In the domestic equity market, the 30-share BSE Sensex advanced 70.01 points or 0.09 per cent to close at 80,288.38, while the Nifty rose 7.45 points or 0.03 per cent to settle at 24,335.95.
On the domestic macroeconomic front, India’s industrial production growth remained almost flat at 3 per cent in March sequentially, though, on a year-on-year basis, it slipped from 5.5 per cent, mainly due to poor performance of the manufacturing, mining, and power sectors.
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