Rupee Settles 1ps Lower At 84.43/$

Mumbai: The rupee traded in an almost flat note and settled 1paisa lower at 84.43 against the US dollar on Tuesday, as support from positive domestic equity markets and lower crude oil prices was negated by strength of the American currency in the overseas market. Forex traders said the Ukraine-Russia war took a new turn with Russia updating its nuclear doctrine and Ukraine aimed American missiles at Russia. Safe haven assets like Gold, JPY and CHF and to some extent dollar were bought and rupee felt the heat and was sold at the closing hours. At the interbank foreign exchange, the rupee opened at 84.39 and stayed range-bound throughout the session. It finally settled at 84.43 against the greenback, down 1paisa from its previous close. On Monday, the rupee recovered from its lowest level of 84.46 to settle 4paise higher at 84.42 against the US dollar. Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said the USD-INR pair is likely to trade in tight range in the near-term until the US yields break higher decisively. The 10-year US yields face a crucial resistance at 4.50 per cent.