Re loses 5ps, settles at 82.85

Mumbai: The rupee declined by 5paise to settle at 82.85 against the US dollar on Wednesday, tracking a broad-based selloff in domestic markets. Forex traders said the rupee is likely to trade with a slightly negative bias on recovery in the greenback and concerns over elevated crude oil prices. At the interbank foreign exchange market, the local unit opened at 82.82 and witnessed an intra-day low of 82.91 and a high of 82.82 against the greenback during the trading session. The local unit finally settled at 82.85 against the dollar, registering a loss of 5paise from its previous close.

On Tuesday, the rupee consolidated in a narrow range and closed 5 paise lower at 82.80 against the US dollar. “We expect the rupee to trade with a negative bias on concerns over weakness in the domestic markets and extended selling by FIIs. Elevated crude oil prices may also weigh on Rupee. USD/INR spot price is expected to trade in a range of Rs 82.70 to Rs 83.10,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.