Rupee Settles Flat At 83.98/$

Mumbai: The rupee witnessed range-bound trade and settled for the day on a flat note at 83.98 against US dollar on Wednesday as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities. Forex traders said significant corrections in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside. At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and touched an intraday high of 83.93 and a low of 83.98 against the American currency. The rupee finally settled for the day at 83.98 against the US dollar.

On Tuesday, the rupee depreciated 3paise to close at 83.98 against the American currency.