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Rupee settles on flat note

Local unit gains 1 paisa to 83.51/$; USD-INR spot price is expected to trade in a range of Rs83.30-83.75

Rupee settles on flat note
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Mumbai: The rupee consolidated in a narrow range and settled higher by 1paisa at 83.51 against the US dollar on Tuesday, amid a negative trend in domestic equities and strong dollar demand.Forex traders said elevated significant foreign fund outflows in the international market dented investors’ sentiments. At the interbank foreign exchange market, the local unit opened at 83.48 against the greenback. The unit hit an intra-day high of 83.47 and a low of 83.52 against the greenback. The domestic unit finally settled at 83.51 against the dollar, 1paisa higher than its previous close.

On Monday, the rupee settled 7paise lower at 83.52 against the US dollar. The Indian rupee traded almost flat on weak domestic markets and positive US Dollar. FII outflows also weighed on the rupee, said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas. However, a soft tone in crude oil prices cushioned the downside. The US Dollar gained on weak Asian currencies after the Australian Dollar fell amid a less-hawkish-than-expected tone of the Reserve Bank of Australia (RBA).

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