INR ends marginally lower amid range bound moves

The Indian rupee traded in a narrow range and slipped 1 paisa to close at 83.96 against the American currency on Monday, as the support from a positive trend in equity markets was offset by a strong US dollar against major crosses overseas. Indian shares eked out modest gains on Monday, tracking mixed cues from global markets. The benchmark 30-share BSE Sensex ended the session up 375.61 points, or 0.46 percent, at 81,559.54 while the broader NSE Nifty index rose by 84.25 points, or 0.34 percent, to 24,936.40. Concerns over global economic growth weighed on investor sentiments as investors remained cautious ahead of US CPI and European Central Bank (ECB) monetary policy this week. At the interbank foreign exchange market, the local unit opened at 83.96 against the American currency. It rose to the intra-day high of 83.86 but pared gains to finally settle at 83.96 against the US dollar, down 1 paisa from its previous close.