Rupee trades in narrow range against U.S. dollar
The Hindu
Rupee trades in narrow range against US dollar; domestic equities, crude oil prices, FII outflows weigh on sentiments.
The rupee was trading in a narrow range against the U.S. dollar in early trade on Thursday, as the support from positive domestic equities were negated by rising crude oil prices.
Forex traders said foreign fund outflows also weighed on investor sentiments.
At the interbank foreign exchange, the rupee opened at 83.30 against the dollar and then touched a low of 83.32, registering a fall of just 2 paise over its previous close.
On Wednesday, the rupee settled at 83.30 against the dollar.
The rupee rose on Wednesday on flows from a Hong Kong-based bank amounting to $500 billion. On Thursday, it opened at 83.31 as the U.S. dollar index was at 102, while the U.S. 10-year was stable at 3.93%, said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
Mr. Bhansali further noted that Brent oil price rose to $78 per barrel as the Middle East supply worries and Houthi attacks continued in the Red Sea.
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