INR Near The Flat Line As Optimism From Equities Offset By Firm Dollar Overseas

The Indian rupee declined 2 paise to close at 83.05 (provisional) against the US dollar on Tuesday, amid a firm American currency against major currencies overseas. The dollar index that measures the greenback against a basket of currencies is holding firmly above 104 mark since US Fed pulled back possibility of an early rate cut. However, positive sentiment in the domestic equity markets and lower global crude prices supported the domestic unit. The benchmark S&P BSE Sensex rose 454.67 points, or 0.63 percent, to 72,186.09. The broader NSE Nifty index closed up 157.70 points, or 0.72 percent, at 21,929.40. Investors were cautious as the Reserve Bank's monetary policy committee (MPC), the six-member rate-setting panel, began the deliberation on Tuesday. The central bank will announce the key interest rate decision on Thursday.

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