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Re hovering in narrow-range trading

Local unit falls 4ps to 83.43/$; USD/INR spot price expected to trade in Rs83.20-83.60 range

Re hovering in narrow-range trading

Mumbai: The rupee on Tuesday consolidated in a narrow range and settled 4paise lower at 83.43 against the US dollar, weighed down by a strong dollar and elevated crude oil prices. Forex traders said a weak trend in domestic equities also dented investor sentiments. At the interbank foreign exchange, the local unit opened at 83.37, then touched an intraday high of 83.34 and a low of 83.44 against the greenback. The rupee finally settled at 83.43, a fall of 4paise over its previous close.

On Thursday last week, the rupee depreciated 6paise to settle at 83.39 against the US dollar. Forex market was closed on Friday and Monday on account of ‘Good Friday’ and the annual account closing of banks, respectively. “We expect the rupee to trade with a slight negative bias on strong US dollar and weak tone in domestic markets. Rising crude oil prices may also weigh on the domestic currency,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.

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