Rupee Settles 3ps Lower At 83.82/$

Mumbai: Rupee stayed in a narrow range and settled 3paise lower at 83.82 against the US dollar on Tuesday amid subdued equity markets, unabated outflow of foreign funds and strengthening American currency. However, crude oil prices sliding to near $70 per barrel helped the local unit resist a steep fall, forex traders said. At the interbank foreign exchange, the local unit opened at 83.81 and moved between the low of 83.83 and high of 83.80 against the greenback during the session. The unit finally settled at 83.82, registering a loss of 3paise from its previous closing level. On Monday, the rupee settled 10paise lower at 83.79 against the American currency.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee declined on weak domestic markets and disappointing macroeconomic data. “A recovery in US dollar also weighed on the domestic unit. However, weak crude oil prices cushioned the downside,” he said, adding that the FII outflows may also weigh on the domestic unit.