The Indian rupee consolidated in a narrow range and settled for the day 3 paise lower at 90.64 (provisional) against the US dollar on Friday, tracking the strength of the American currency in the overseas market and a negative trend in domestic equities. The dollar index was oscillating on either side of 97 mark amid improved US data but awaiting inflation data later in the day. Indian shares tumbled on Friday to extend losses from the previous session as investors fretted about the impact AI could have on revenues and profit margins of financial, transportation and logistics and even commercial real estate companies. The talk around AI has added to uncertainty about how fast traditional service models might change. Ongoing U.S.-Iran tensions and dwindling hopes for Fed rate cuts also kept investors on edge ahead of the U.S. Labor Department's report on consumer price inflation for January later in the day that could shed additional clues on the likely path of interest rates. The benchmark BSE Sensex plunged 1,048.16 points, or 1.25 percent, to 82,626.76 while the NSE Nifty index plummeted 336.10 points, or 1.30 percent, to 25,471.10. Powered by Capital Market - Live News |