INR Recovers Marginally With Focus On Budget

The Indian rupee consolidated in a narrow range to settle 3 paise higher at 83.67 (provisional) against the American currency on Monday, as crude oil prices and the US dollar retreated from their elevated levels. Rupee recovered from all-time low levels and traded in a narrow range as mixed-to-weak domestic markets put downside pressure on the rupee. However, weak tone in the US dollar and a decline in crude oil prices cushioned the downside. The benchmark S&P/BSE Sensex ended the session down 102 points, or 0.13 percent, at 80,502 after a choppy session. The broader NSE Nifty index closed at 24,509, down 22 points, or 0.09 percent, from its previous close. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an intraday high of 83.65 and a low of 83.68 against the dollar during the trading session. Investors now await the announcement of India's budget on Tuesday and will focus on the government's fiscal deficit target and gross market borrowing .