Mumbai: The rupee consolidated in a narrow range to settles 3paise higher at 83.67 against the American currency on Monday, as crude oil prices and the US dollar retreated from their elevated levels. Forex traders said the Indian rupee recovered from all-time low levels and traded in a narrow range as mixed-to-weak domestic markets put downside pressure on the rupee.

However, weak tone in the US dollar and a decline in crude oil prices cushioned the downside. At the interbank foreign exchange market, the local unit opened at 83.66, and touched an intraday high of 83.65 and a low of 83.68 against the dollar during the trading session. It finally settled at 83.67 against the American currency, registering a gain of 3 paise from its previous close.

On Friday, the rupee depreciated 7paise to settle at its all-time low of 83.70 against the US dollar. “We expect the rupee to trade with a slight negative bias on the weak tone in the global markets and overall strength in the US dollar. Weak Asian currencies and a weak yuan may also support the dollar.

However, weakness in crude oil prices and FII inflows may support the rupee at lower levels,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas. Any intervention by the RBI may also support the rupee. Investors may take cues from India’s Union Budget.