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Re hovering in narrow range

Home currency edged up 1ps to 82.96/$; Meanwhile, the dollar index, which gauges Greenback’s strength against a basket of 6 currencies, was trading 0.06% higher at 104.14

Re hovering in narrow range

Mumbai: The rupee consolidated in a narrow range and appreciated one paisa to close at 82.96 against the US dollar on Wednesday, as the support from easing crude oil prices was negated by a weak trend in domestic equities. Forex traders said the strength of the American currency in the overseas market and sustained foreign fund outflows weighed on the local unit. At the interbank foreign exchange, the local unit opened at 82.90 against the Greenback. It hit an intra-day high of 82.86 and a low of 82.97. It finally settled at 82.96 against the dollar, higher by one paisa from its previous close of 82.97.

Dilip Parmar, research analyst at HDFC Securities, said: “The Indian rupee erased opening gains along with the domestic equities amid global worries.” He added that broadly, the USD-INR pair is expected to trade between 82.80 and 83.20 in the near-term. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent higher at 104.14.

On the domestic equity market front, Sensex declined 434.31 points, or 0.59 per cent to 72,623.09 points, while Nifty fell 141.90 points or 0.64 per cent to 22,055.05 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs1,335.51 crore, according to exchange data.

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