The INR settles on a fixed note; the rise in oil prices in a context of geopolitical tensions weighs | Capital market news

The Indian rupee ended on a steady note at 83.96 (provisional) against the US dollar on Friday, as surging crude oil prices amid volatile geopolitical backdrop weighed on the local unit. The dollar was on track for its biggest weekly rise since April and oil prices were headed for weekly gains of around 9 percent, triggered by fears of escalating tensions in the Middle East. Meanwhile, Indian stocks fell noticeably on Friday, extending heavy losses from the previous session as concerns in the Middle East persisted and investors awaited the release of the all-important US jobs report later today for additional clues on the Fed’s rate path. 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 settled at 25,049 .85, down 200.25 points, or 0.79 percent, from its previous close. At the interbank forex market, 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 fall seen in previous sessions and ended flat at 83.96 (provisional) against the dollar.

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