Re hovering in narrow-range
Local unit loses 3ps to close at 82.78; USD-INR spot price is expected to trade in Rs82.50-83 range
image for illustrative purpose
Mumbai: The rupee consolidated in a narrow range and settled for the day 3 paise lower at 82.78 against the US dollar on Tuesday, as market participants remained on the sidelines ahead of the release of key macroeconomic data. Forex traders said the Indian rupee declined marginally on positive US dollar and recovery in crude oil prices.
However, positive domestic markets and sustained foreign fund inflows over the past three sessions supported the local unit at lower levels. At the interbank foreign exchange market, the local unit opened at 82.74 and touched the intra-day low of 82.78 and a high of 82.72 against the greenback. The local unit finally settled at 82.78 against the dollar, registering a loss of 2paise from its previous close.
On Monday, the rupee declined by 8paise to settle at 82.75 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.01 per cent lower at 102.85, ahead of inflation data from the US.
