The Indian rupee pared early day gains and slipped back beyond Rs 88 per dollar mark on Thursday. INR fell 12 paise to close at 88.14 (provisional) against the US dollar amid sustained foreign fund outflows and a stronger greenback. US dollar index consolidated just above 98 mark after hitting around one-week high yesterday. Market remained cautious ahead of upcoming US labor market releases, including jobless claims, ADP data, and nonfarm payrolls. However, positive sentiment in the domestic equity markets which were buoyed by the GST rate revision and a drop in international crude oil prices prevented sharper losses in the local unit. Investor sentiment was also buoyed by hopes of robust domestic GDP growth after the Union government approved sweeping changes in the Goods and Services Tax (GST) system, in a landmark move aimed at simplifying India's indirect tax regime. Indian shares ended Thursday's session on a positive note as global bond market worries subsided, oil extended steep overnight losses on oversupply concerns, and weak U.S. labor market data reinforced bets on a Federal Reserve interest-rate cut. The benchmark BSE Sensex hit an intraday high of 81,457 before closing up 150.30 points, or 0.19 percent, at 80,718.01. The broader NSE Nifty index ended up 19.25 points, or 0.08 percent, at 24,734.30 after hitting a high of 24,981 earlier. At the interbank foreign exchange, the rupee opened at 88.09 against the US dollar and traded in the range of 87.85-88.19 before settling at 88.14 (provisional), down 12 paise from its previous close.

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