INR snaps six-day winning streak to end marginally lower

The Indian rupee pared its early gains to close lower by 1 paisa at 83.53 (provisional) against the US currency on Monday, snapping its six-day gaining streak due to a strengthening dollar in overseas markets and an uptick in crude oil prices. A decline in India’s Services PMI also affected the investor sentiment while gains in domestic equity markets capped losses in the local unit. However positive equities capped downside in the local unit. Indian shares ended Monday’s session higher, helping key benchmark indexes Sensex and Nifty close at fresh record high levels for a third day running. The benchmark S&P/BSE Sensex touched a fresh record high of 84,980.53 before closing at 84,928.61, up 384.30 points, or 0.45 percent, from its previous close. The broader NSE Nifty index reached a record high of 25,956 before ending the day up 148.10 points, or 0.57 percent, at 25,939.05 – extending its winning streak for a fourth consecutive session. Earlier in the day, the rupee opened at ..