INR settles marginally lower in range bound moves

The Indian rupee settled 2 paise lower at 83.75 (provisional) against the US dollar in a range-bound trade on Friday as massive sell-offs in domestic as well as global equity markets negated gains from a weak American currency. Indian shares fell sharply on Friday amid a global sell-off as weak manufacturing data as well as mixed tech earnings sparked worries about a U.S. recession. The benchmark S&P/BSE Sensex ended the session down 885.60 points, or 1.08 percent, at 80,981.95 while the broader NSE Nifty index closed at 24,717.70, down 293.20 points, or 1.17 percent from its previous close. The Indian currency limited the fall due to a sharp decline in the dollar after the latest US data showed slower manufacturing growth in the world's largest economy. A measure of U.S. manufacturing activity contracted sharply in July and weekly jobless claims jumped to an 11-month high, heightening concerns about a potential recession. All eyes now remain on the U.S. payrolls data, due later .