INR settles on flat note; surging oil prices amid geo political tensions weigh | Capital Market News

The Indian rupee ended on a flat note at 83.96 (provisional) against the US dollar on Friday as surging crude oil prices amid volatile geopolitics weighed on the local unit. The dollar was poised for its largest weekly gain since April and oil prices headed for weekly gains of about 9 percent sparked by fears of escalating tensions in the Middle East. Meanwhile, Indian shares fell notably on Friday to extend steep losses from the previous session as Middle East worries persisted and investors awaited the release of all-important U.S. jobs report later in the day for additional clues on the Fed’s rate trajectory. The benchmark S&P/BSE Sensex ended the session down 808.65 points, or 0.98 percent, at 81,688.45 while the broader NSE Nifty index settled at 25,049.85, down 200.25 points, or 0.79 percent, from its previous close. At the interbank foreign exchange, the local unit opened at 83.96 and moved between a narrow range of 83.93 and 83.97 against the greenback. The unit failed to recover from its deep plunge witnessed in previous sessions and ended flat at 83.96 (provisional) against the dollar.

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