Rupee falls 6ps to 88.68/$

Mumbai: The rupee consolidated in a narrow range and settled for the day lower by 6paise at 88.68 (provisional) against the US dollar on Thursday, as foreign fund outflows and continuous dollar demand from local importers, including oil companies, exerted pressure on the local currency.

Forex traders said rupee is trading in a tight range, as overnight decline in crude oil prices and renewed optimism over US-India trade talks providing a steady anchor and restricted the downfall.

At the interbank foreign exchange, the rupee opened at 88.66 against the US dollar and touched an intra-day high of 88.63 and a low of 88.73 during the day. The domestic unit finally settled for the day at 88.68 (provisional), registering a loss of 6 paise from its previous close.

On Wednesday, the rupee depreciated 12paise to close at 88.62 against the US dollar. “We expect the rupee to trade with a slight negative bias on dollar demand from importers.

However, positive tone in the domestic markets and falling global crude oil prices may support the rupee at lower levels. USD-INR spot price is expected to trade in a range of 88.40 to 89,” said Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan.