Rupee falls 3 paise to close at 83.31 against U.S. dollar

Rupee settles 3 paise lower at 83.31 vs USD, tracking strong greenback, muted equities & correction in oil prices. USD index up 0.18% & Brent crude down 0.79%. Rupee expected to trade with slight positive bias due to IPOs, but USD & oil prices may cap sharp upside.

The rupee consolidated in a narrow range and settled lower by 3 paise at 83.31 (provisional) against the U.S. dollar on November 22, tracking a strong American currency overseas.

Forex traders said a muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.

At the interbank foreign exchange market, the local unit opened at 83.31 and touched a low of 83.34 against the greenback.

It finally settled at 83.31 (provisional) against the dollar, registering a fall of 3 paise from its previous close.

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On November 21, the rupee recovered from its all-time low to settle 10 paise higher at 83.28 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18% higher at 103.75.