Rupee recovers on easing oil price, Greenback

Mumbai: The rupee traded in a narrow range to settle five paise higher at 83.23 (provisional) against the US dollar on Thursday, tracking softening crude prices in the international markets amid lingering geo-political uncertainties. However, foreign fund outflows, a weak Greenback overseas and a negative trend in domestic equities weighed on investor sentiments, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.26 against the US currency and witnessed a high of 83.23 and a low of 83.28 during intra-day trade. The local unit settled at 83.23 (provisional), registering a gain of 5 paise over its previous close. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05 per cent to 106.61.