The Indian rupee pared initial gains to settle 1 paisa lower at 83.50 against the US dollar on Monday, as muted domestic equities weighed on investor sentiments. The benchmark 30-shares BSE Sensex index fell 265 points in morning deals before seeing significant recovery to end at 79,960, down 36 points, or 0.05 percent, from its previous close. On the NSE, the broader Nifty50 fell below the 24,250-mark before managing to close down 3 points, or 0.01 percent, at 24,320. At the interbank foreign exchange market, the local unit opened at 83.45 and hit the intraday high of 83.44 and a low of 83.50 against the American currency during the session. It finally settled at 83.50 against the dollar, registering a loss of one paisa over the previous close. Meanwhile, the dollar index held below 105 on Monday after losing nearly 1% last week, weighed down by soft US economic data which reinforced a dovish outlook on Federal Reserve monetary policy. Investors now look ahead to key US inflation data this week, as well as fresh commentary from Fed officials to guide the rates outlook further.
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