The Indian rupee continues to stay pressured near record low levels against the dollar for the fourth straight day, shedding 8 paise to settle at 96.33 (provisional) amid volatility in global crude oil prices and a stronger greenback as the West Asia crisis intensified. FII outflows put further pressure on the local unit. At the interbank foreign exchange, the rupee opened at 96.28 against the greenback and traded in a range of 96.22-96.37 during the session. It settled at 96.33 (provisional), down 8 paise from its previous close. Indian shares gave up early gains to end on a flat note on Thursday as traders focused on inflation risks stemming from higher energy prices and supply disruptions linked to the Iran war. While softer-than-expected U.S. inflation data eased concerns about near-term Federal Reserve interest-rate hikes, there are fears that higher energy prices as a result of mounting geopolitical risks in the Middle East could keep global interest rates elevated. The local benchmark indices ended flat following a volatile trading session, with the BSE Sensex closing at 77,186.87 (up 1.44 points) and the NSE Nifty 50 closing at 24,072.75 (down 5.75 points).
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