Rupee trades in narrow range against U.S. dollar in early hours
The Hindu
Rupee strengthens against dollar on lower crude oil prices and foreign inflows, supported by RBI intervention.
The rupee traded in a narrow range on Wednesday (September 11, 2024) and appreciated 2 paise to 83.96 against the American currency, on easing crude oil prices and tracking its Asian peers.
Forex traders said foreign institutional inflows, alongside significant corrections in asset classes like the dollar index and crude oil prices, supported the rupee, while the Reserve Bank's active intervention kept the rupee in a tight range.
At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and was at 83.96 in initial trade, registering a rise of 2 paise over its previous close.
On Tuesday (September 10, 2024), the rupee depreciated 3 paise to close at 83.98 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.21% to 101.42 points.
Brent crude, the international benchmark, was trading higher by 0.48% to $69.52 per barrel in futures trade.
Forex traders said the crude oil level of $69 per barrel will act as a support for the domestic unit as India, the world's third-largest oil importer, stands to benefit from cheaper oil.
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