Rupee trades in narrow range against U.S. dollar in early trade
The Hindu
At the interbank foreign exchange, the rupee opened at 83.09 against the dollar, registering a rise of 7 paise
The rupee witnessed range-bound trading against the U.S. dollar in early trade on September 18, weighed down by a negative trend in domestic equities, elevated crude oil prices and strong American currency.
At the interbank foreign exchange, the rupee opened at 83.09 against the dollar, registering a rise of 7 paise over its previous close. The domestic unit also touched 83.13 against the American currency in initial trade.
On Friday, the rupee fell 13 paise to settle at 83.16 against the U.S. dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.04% to 105.27.
Brent crude futures, the global oil benchmark, advanced 0.40% to $94.31 per barrel.
Forex traders said the depreciation in the rupee can be attributed to several factors, including elevated crude oil prices, strong US dollar, foreign fund outflows and a widening trade deficit.
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