Rupee settles flat for 3rd day
Local unit falls 1 paisa to 83.49/$; USD-INR spot price is expected to trade in a range of Rs83.30 to Rs83.75
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Mumbai: The rupee stayed range-bound and settled 1 paisa lower at 83.49 (provisional) against the US dollar on Friday, as the support from positive domestic equities was negated by elevated crude oil prices.Forex traders said significant foreign fund outflows dented investors’ sentiments. At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.48 and touched an intraday high of 83.46 and a low of 83.51 during the day. The domestic unit finally settled for the day at 83.49, down 1 paisa from its previous close.
On Thursday, the rupee closed at 83.48 against the American currency. The Indian rupee traded on a flat note. Positive domestic markets and a weak US dollar supported the rupee, however, a rise in crude oil prices and sustained foreign fund outflows capped sharp gains, said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was at 105.23.
