The rupee on Friday gave up its initial gains and settled for the day lower by 5 paise at 89.94 (provisional) against US dollar, after the Reserve Bank cut key benchmark interest rate for the first time in six months.
Shrugging off concerns over the depreciation of rupee, the RBI has cut interest rate by 25 basis points to 5.25 per cent in a bid to further bolster economic growth, which rose to a six-quarter high of 8.2 per cent in the second quarter of the current financial year.
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Benchmark stock indices Sensex and Nifty closed marginally lower after hitting their fresh all-time highs on Monday due to profit-taking at higher levels and foreign fund outflows.
Equity benchmark indices Sensex and Nifty hit their fresh all-time highs in early trade on Monday as investors' sentiment turned positive after India's economy grew at a higher-than-expected 8.2 per cent in July-September - the fastest pace in six quarters.
Gold prices climbed Rs 700 to Rs 1,30,160 per 10 grams in the national capital on Friday tracking firm trends in the global markets and strong investor appetite, according to marketmen.
Equity benchmark indices Sensex and Nifty advanced in early trade on Friday, after hitting record highs in the previous session, helped by buying in blue-chip Reliance Industries and rate cut optimism.
Stock market benchmark indices extended their previous day's rally in early trade on Thursday, with the Nifty hitting its fresh record high amid favourable global trends on growing hopes of a US Fed rate cut and foreign fund inflows.
The Union Ministry of Environment, Forest and Climate Change cleared a Rs 136-crore luxury hotel proposal by Adani Airport Holdings Ltd within the Thiruvananthapuram International Airport premises.
The rupee stayed on the recovery path and gained 11 paise to 89.05 against the US dollar in early trade on Tuesday, supported by lower crude oil prices in the international market.
