Rupee moves in narrow range against US dollar in early trade
The Hindu
Rupee trading in narrow range due to strong dollar, rising oil prices, RBI intervention, IPOs, and equity market decline.
The rupee witnessed range-bound trade and appreciated by just 1 paisa to 84.06 against the US dollar in initial deals on Monday (November 4, 2024) weighed down by persistent foreign fund outflows and a muted trend in domestic equities.
Forex traders said the rupee is likely to trade in a narrow range during the day as the strong dollar weighs on the local unit and rising crude oil prices dragged down the local unit, while any intervention by the Reserve Bank of India (RBI) may also support the local currency at lower levels.
At the interbank foreign exchange, the rupee opened at 84.07 against the greenback. In the initial trade, it touched 84.06, registering a rise of 1 paisa over its previous close.
On Thursday (October 31, 2024), the rupee edged up 1 paisa to 84.07 against the US dollar.
The Forex market remained closed on Friday on account of Diwali.
The local currency has been hovering around its all-time low level. It touched its lowest closing level of 84.10 against the dollar on October 11, 2024.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.62 per cent lower at 103.63.
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