Rupee settles flat at 83.98 against U.S. dollar
The Hindu
Rupee remains steady at 83.98 against the dollar amid corrections in asset classes and global economic concerns.
The rupee witnessed range-bound trade and settled for the day on a flat note at 83.98 (provisional) against U.S. dollar on Wednesday (September 11, 2024) as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities.
Forex traders said significant corrections in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside.
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and touched an intraday high of 83.93 and a low of 83.98 against the American currency.
The rupee finally settled for the day at 83.98 (provisional) against the U.S. dollar.
On Tuesday, the rupee depreciated 3 paise to close at 83.98 against the American currency.
"Indian rupee continued to remain range-bound stuck in a 83.90-84 range supported by active interventions from RBI at lower levels along with declining crude oil prices also capping the upside in same," said Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers.
Sharma further noted that rupee's minimal volatility is also attributed to the Reserve Bank of India (RBI) maintaining long-term interest rate pauses and building record foreign exchange reserves.
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