INR Settles Flat; Gains Capped By Higher Oil Prices

The rupee pared initial gains and settled for the day almost flat at 83.49 (provisional) against the US dollar on Friday, as muted domestic equities and rise in crude oil prices capped gains for the local unit. The benchmark S&P/BSE Sensex hit an intraday low of 79,479 before finishing down 53.07 points, or 0.07 percent, at 79,996.60. The broader NSE Nifty index ended the session up 21.70 points, or 0.09 percent, at 24,323.85, after having hit a low of 24,169 earlier. At the interbank foreign exchange market, the local unit opened at 83.48 and hit the intraday high of 83.45 and a low of 83.50 against the American currency during the session. It finally settled at 83.49 (provisional) against the dollar, 1 paisa higher than its previous close.