INR Recovers From 2-Month Low; Weak Local Equities Cap Upside

The Indian rupee recovered from over two months low level and settled 6 paise higher at 83.55 (provisional) against the US dollar on Friday, backed by sustained inflow of foreign capital and softening crude oil prices overseas. Weak local equities however limited upside in the counter. Indian shares ended slightly lower on Friday, tracking sluggish cues from other Asian and European markets. The benchmark S&P/BSE Sensex ended the session down 269.03 points, or 0.35 percent, at 77,209.90. The broader NSE Nifty index settled 65.90 points, or 0.28 percent, lower at 23,501.10. At the interbank foreign exchange, the local unit opened at 83.60 and touched the intra-day high of 83.49 against the greenback. The currency hit the session's lowest level of 83.63 but finally settled at 83.55 against the dollar, registering a gain of 6 paise from its previous close.