INR stays in narrow range; Fed Powell's speech awaited

The Indian rupee traded in a narrow range and settled lower by 4 paise at 83.94 (provisional) against the American currency on Thursday, as relentless dollar demand from importers and relentless foreign fund outflows dampened investor sentiments. However, a positive trend in domestic equities and lower global crude oil prices supported the domestic currency and restricted its fall. Indian shares ended modestly higher on Thursday, giving up some early gains as investors awaited cues from U.S. PMI and initial jobless claims figures as well as Fed Chair Powell's Friday speech at the Jackson Hole Symposium. The 30-share BSE Sensex ended at 81,053, up 148 points, or 0.18 percent from its previous close, while the broader NSE index closed 41 points, or 0.17 percent, higher at 24,812. At the interbank foreign exchange market, the local unit opened weak at 83.93 and touched an intraday low of 83.97 against the US dollar.