Rupee trades in narrow range against U.S. dollar in early trade
The Hindu
Mumbai: Rupee trading range-bound against US dollar amid positive data, elevated crude oil prices, and negative equities trend.
The rupee witnessed range-bound trading in initial deals against the US dollar on Wednesday, as the support from positive macroeconomic data was negated by elevated crude oil prices.
Forex traders said a negative trend in domestic equities and the overall strength of the American currency in the overseas market weighed on investor sentiments.
At the interbank foreign exchange, the rupee opened at 83.36 against the greenback, registering a rise of 6 paise over its previous close.
In initial deals, the rupee also saw a low of 83.40 against the greenback.
The rupee on Tuesday consolidated in a narrow range and settled 3 paise lower at 83.42 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.09% lower at 104.71.
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