Rupee Falls 5ps To 84.07/$

Mumbai: Rupee traded in a narrow range and settled for the day lower by 5paise to 84.07 against the US dollar on Thursday, pressured by foreign fund outflows, a negative trend in domestic equities and broad strength of the American currency. Forex traders said rupee witnessed range-bound trade as weak domestic markets and a strong US dollar weighed on the domestic currency, while a decline in crude oil prices and contained geopolitical tensions cushioned the downside. At the interbank foreign exchange market, the local unit opened at 84.01 and traded in a narrow range of 83.99 and 84.07 and finally settled for the day at 84.07, lower by 5paise over its previous close of 84.02. “We expect the rupee to trade with a negative bias on strong dollar and weak domestic markets. FII outflows may further pressurise the rupee. However, soft crude oil prices and contained geopolitical tensions in the Middle East may support the rupee at lower levels,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas. Traders may take cues from retail sales, industrial production and weekly unemployment claims data from the US, Choudhary said, adding that USD-INR spot price is expected to trade in a range of Rs 83.85 to Rs 84.30.