Rupee Falls 8ps To 85.23/$

Mumbai: The rupee consolidated in a narrow-range and settled for the day lower by 8paise at 85.23 against the US dollar on Tuesday, as the support from positive domestic equities was negated by dollar short-covering by investors. Forex traders said foreign fund inflows supported the domestic unit. However, a recovery in crude oil prices dented investor sentiment.

Moreover, concerns persisted over economic headwinds from tariffs and US monetary policy that could dampen demand. At the interbank foreign exchange, the domestic unit opened at 85.11 and moved between the intra-day high of 85.07 and the low of 85.23 against the greenback. The unit ended the session at 85.23, registering a loss of 8paise over its previous closing level on Tuesday, after witnessing a gaining streak for five straight sessions.

On Monday, the rupee appreciated 23paise to settle at 85.15 against the US dollar. In the last five trading sessions, the Indian currency had added 155paise since its April 9 closing mark of 86.68 against the greenback. “We expect the rupee to trade with a positive bias on rise in risk appetite in global markets and fresh FII inflows.