Rupee rises 4ps to 83.97/$

Mumbai: The rupee traded in a narrow range and settled for the day higher by 4paise at 83.97 against the US dollar on Thursday, on weakening of the American currency in the overseas market and an overall drop in crude oil prices. Forex traders said the domestic unit witnessed a slight negative bias on weak global equities and concerns over global economic growth. Moreover, dollar demand from importers also dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.98 and witnessed an intraday high of 83.97 against the American currency. The domestic unit finally settled for the day at 83.97, higher by 4paise over its previous close.

On Wednesday, the rupee breached the crucial 84-mark for the second time within a month and settled 3paise lower at 84.01 against the American currency. “The Indian rupee which continued to drop to a record low witnessed a range-bound trading session as it stayed wedged between negative global cues and intervention from the central bank,” said Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and StockBrokers.