Rupee Rises 4ps To 83.95/$

Mumbai: The rupee traded in a narrow range to settle 4paise higher at 83.95 against the US dollar on Thursday amid a positive trend in domestic equities and foreign fund inflows. Forex traders said rupee trade was range-bound with a slight positive bias on positive domestic equities. However, a rebound in the US Dollar and a surge in crude oil prices capped sharp gains. The USD/INR pair traded within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added. At the interbank foreign exchange market, the local unit opened at 83.97 and witnessed an intraday high of 83.95 and a low of 83.99 against the American currency. The domestic unit finally settled for the day at 83.95, higher by 4paise over its previous close.

On Wednesday, the rupee settled 1paisa lower at 83.99 against the American currency.