Rupee settles 1 paisa higher at 83.29 against U.S. dollar

The rupee stayed range-bound and settled 1 paisa higher at 83.29 against the U.S. dollar.

The rupee stayed range-bound and settled 1 paisa higher at 83.29 against the U.S. dollar on Thursday amid a negative trend in domestic equities and sustained foreign fund outflows.

At the interbank foreign exchange, the rupee opened at 83.25 and finally settled at 83.29 against the greenback, registering a gain of 1 paisa from its previous close.

During the day, the rupee witnessed a range-bound trade reaching the peak of 83.25 and hitting the lowest level of 83.29 against the American currency.

On Wednesday, the rupee closed at 83.30 against the American currency.

The U.S. Federal Reserve Chair Powell did not comment on the course of the Fed's monetary policy in his Wednesday's speech. On Thursday, he will participate in a panel discussion on monetary policy challenges.

"Markets will look for clues to the Fed's monetary policy course," Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas, said.

"The pair is expected to continue to range trade between ₹82.80 and ₹83.50 in the near-term," Mr. Singh said.