INR Consolidates In Narrow Range

The Indian rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 83.72 (provisional) against the US dollar on Wednesday, as the support from positive domestic equities was negated by month-end Dollar demand from importers. The 30-share BSE Sensex ended the session at 81,741.34, up 285,94 points, or 0.35 percent from its previous close. The broader NSE Nifty index ended up 93.85 points, or 0.38 percent, at 24,951.15.The domestic currency however continues o linger around record low levels. Pullback in dollar overseas ahead of FOMC outcome later in the global day is also supporting the local unit. The Fed is widely expected to leave interest rates unchanged, but the accompanying statement might provide hints on the timing and pace of interest-rate cuts in the next few months. At the interbank foreign exchange market, the domestic currency opened 1 paisa higher than the previous day's close.