INR Settles Marginally Lower In Range Bound Moves

The Indian rupee depreciated 1 paisa to revisit its all-time closing low of 83.70 (provisional) against the US dollar on Wednesday, weighed down by a strong dollar against major crosses overseas amid investors' weak appetite for riskier assets. Besides, Indian shares fell modestly on Wednesday, with weak global cues and the government's decision to raise tax on capital gains and on trading derivatives dampening sentiment. Moreover, removal of indexation benefits announced in the FY25 Budget on Tuesday was the main reason for dollar buying as foreign investors sold stocks. The benchmark S&P/BSE Sensex fell 280 points, or 0.35 percent, to 80,149, extending losses to a fourth straight session. The broader NSE Nifty index dropped 65 points, or 0.27 percent, to 24,413. At the interbank foreign exchange market, the local unit opened at 83.69 and touched an intra-day high of 83.68 and a low of 83.72 against the dollar during the session.