INR Trims Gains As Domestic Equities Turn Choppy

The Indian rupee paired its initial gains and settled 1 paisa lower at 83.44 (provisional) against the US dollar on Wednesday in line with the domestic equity markets that turned choppy at the fag-end of the session. The Nifty50 and Sensex both hit fresh record highs for the fourth consecutive session before ending on a flat note. The 30-share Sensex ended the session up 36.45 points at 77,337.59 while the broader NSE Nifty index finished down 41.90 points, or 0.18 percent, at 23,516. At the interbank foreign exchange market, the local unit opened strong at 83.39 and moved in the range of 83.34 and 83.48 against the greenback during the session. The local unit finally settled at 83.44 (provisional) against the American currency, registering a loss of 1 paisa from previous closing level. Meanwhile, the dollar wobbled and Treasury yields rose amid signs that U.S. economic activity remained lackluster in the second quarter.