INR SETTLES LOWER TRACKING WEAKNESS IN DOMESTIC EQUITIES

Published on Aug 12, 2024 17:30

The Indian rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 (provisional) against the US dollar on Monday, as market participants remained on the sidelines ahead of the release of key domestic macroeconomic data. Indian stock indexes Sensex and the Nifty50 ended marginally down on Monday. Stocks in the domestic market fell in reaction to U.S. short-seller Hindenburg Research`s allegations that market regulator SEBI`s chairperson had stake in some obscure offshore entities used in the alleged Adani money siphoning scandal. The BSE benchmark Sensex, which rallied to 80,106.18 from an early low of 79,226.13, ended the session at 79,648.92 with a loss of 56.99 points or 0.07%. The broader Nifty50 of the National Stock Exchange settled with a loss of 20.50 points or 0.08% at 24,347.00. The index scaled a low of 24,212.10 and a high of 24,472.80 intraday. At the interbank foreign exchange market, the local unit opened at 83.95 and touched an intraday low of 83.98 and finally settled at 83.97 (provisional) against the American currency, lower by 2 paise from its previous close.