Rupee ends in narrow range
Falls 7ps to 83.55/$, the dollar index which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.17% at 104.81
image for illustrative purpose
Mumbai: The rupee consolidated in a narrow range and settled for the day lower by 7paise at 83.55 against the US dollar on Thursday even as both the domestic equity benchmark indices touched all-time high levels. Forex traders said rupee was seen resilient against the dollar, even after volatility witnessed in the dollar index, due to CPI data and US Fed’s policy decision. At the interbank foreign exchange, the local unit opened at 83.52 and finally settled for the day lower by 7 paise at 83.55 against the American currency.
On Wednesday, the rupee appreciated 11paise to close at 83.48 against the US dollar. “Rupee traded sideways in a range of 83.52-83.57 with stability. Even after volatility witnessed in the dollar index, due to CPI data and Fed’s policy decision, the rupee was seen resilient against the dollar. “Now the trend in rupee will remain range bound but underlying tone remains weak as rupee consolidation continues near all-time low. Major fall in dollar below $103 only will give strong rupee buying above 83.00 till then 83.20-83.75 approx range will be seen,” said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 104.81, higher by 0.17 per cent.
