The Indian rupee traded in a narrow range and settled for the day higher by just 1 paisa at 83.96 (provisional) against the US dollar on Wednesday, after the Reserve Bank of India kept its key interest rate unchanged and shifted its stance to 'neutral' that may lead to a cut in benchmark rates in forthcoming policies. The Reserve Bank of India (RBI) left the repo rate steady at 6.50 percent but opened the door for future rate cuts by changing its policy stance to 'neutral' from 'withdrawal of accommodation'. However, Indian shares gave up early gains to end on a flat note Wednesday as China's stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues. The benchmark S&P/BSE Sensex ended the session down 167.71 points, or 0.21 percent, at 81,467.10 after rising to 82,319.21 in intraday trade. The broader NSE Nifty index hit a high of 25,234.05 earlier before closing down 31.20 points, or 0.12 percent, at 24,981.95.
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