The Indian rupee settled flat at 83 against the US dollar on Tuesday, as the support from a rally in domestic equities was negated by a strong greenback overseas and rising crude oil prices. Local equities were driven by positive macroeconomic data that showed India’s retail inflation softened to a three-month low of 5.1 percent in January on moderating food price growth and industrial output rose at a faster-than-expected pace of 3.8 percent year-on-year in December after easing sharply in the previous month. The benchmark S&P BSE Sensex ended the session up 482.70 points, or 0.68 percent, at 71,555.19 while the broader NSE Nifty index settled 127.20 points, or 0.59 percent, higher at 21,743.25. At the interbank foreign exchange, the rupee opened at 83 against the dollar, and touched an intraday high of 82.98 and a low of 83.02.
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