Rupee rises by 3 Paise to 82.81 against U.S. dollar

The Rupee gained 3 Paise to 82.81 against the US dollar in early trade, supported by foreign fund inflows and a positive trend in domestic equities on May 23.

The Rupee gained 3 Paise to 82.81 against the U.S. dollar in early trade, supported by foreign fund inflows and a positive trend in domestic equities on May 23.

Forex Traders said the Rupee is trading in a narrow range as the broad strength of the greenback is restricting the appreciating bias.

At the Interbank Foreign Exchange, the domestic unit opened at 82.82 against the Dollar and then rose to 82.81, registering a gain of 3 Paise over its previous close.

The Rupee closed at 82.84 against the U.S. currency on May 22.

The Rupee is likely to trade in the 82.65-82.95 range with sideways price action, IFA Global Research Academy said in a research note, adding that the Reserve Bank of India is likely to continue supporting the local unit.

Meanwhile, the U.S. Dollar Index, which gauges the greenback's strength against a basket of six currencies, rose 0.07% to 103.27.