The Indian rupee is trading in a narrow range today after witnessing good gains this week. INR hit a near one month high under 82.90 per US dollar yesterday on the back of strong local equities. The benchmark S&P/BSE Sensex jumped 535.15 points, or 0.74 percent, to 73,158.24, reflecting sharp gains elsewhere across global markets. The broader NSE Nifty index swung between gains and losses before finishing up 162.40 points, or 0.74 percent, at 22,217.45. The US dollar index fell under 104 mark this week, testing three week low even as most FOMC officials remain wary of cutting interest rates "too quickly." The minutes of the latest meeting said participants acknowledged risks to achieving the Fed's employment and inflation goals were moving into better balance, but they remained highly attentive to inflation risks. Dollar index currently quotes around 103.90, almost unchanged on the day. INR quotes flat at 82.88 per US dollar right now.
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