The Indian rupee pared initial losses and jumped 31 paise to close at 85.31 (provisional) against the US dollar on Thursday, following a weak greenback against major crosses overseas and a decline in US treasury yields. INR neared 85.20 per US dollar mark in intraday moves, hitting its one month high. The dollar declined on weaker-than-expected ADP non-farm employment data from the US. Besides, a decline in global crude oil prices also supported the local unit although muted equities capped gains in the counter. Indian shares ended Thursday's session slightly lower as investors remained anxious over ongoing U.S.-India trade talks. The benchmark S&P/BSE Sensex fell 170.22 points, or 0.20 percent, to 83,239.47, tracking mixed cues from global markets due to uncertainty over U.S. reciprocal trade policy. The broader NSE Nifty index dipped 48.10 points, or 0.19 percent, to 25,405.30. Meanwhile, data showed India's services sector enjoyed its strongest growth in ten months in June, fueled by robust demand and cooling price pressures. On the NSE, USDINR futures ended lower by 0.37% at 85.42.
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