The rupee stayed range-bound and settled 1 paisa lower at 83.99 against the US dollar on Wednesday 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 dented the overall investor sentiment.
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 83.99 against the American currency. The rupee finally settled for the day at 83.99 against the US 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.
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