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Indian rupee trades in narrow range against US dollar

September 18, 2023

Indian rupee trades in narrow range against US dollar
The rupee witnessed range-bound trading against the US dollar in early trade on Friday, as the support from positive domestic equities was negated by elevated crude oil prices and strong American currency.

Forex traders said the dollar strengthened post the release of the US inflation number that was reported higher-than-expectation and weighed on the domestic unit.
 
However, a bullish trend in domestic equities, wherein both benchmark indices touching all-time high levels, supported the rupee at lower levels.
 
At the interbank foreign exchange, the rupee was trading in a narrow range. It opened at 83.02 against the dollar. It touched a low of 83.07 against the American currency in initial trade, down 4 paise from its previous close.
 
On Thursday, the rupee closed 2 paise lower at 83.03 against the US dollar.
 
Forex traders said the rupee is likely to trade with a slight negative bias on expectations that the US dollar may rise further. Moreover, elevated crude oil prices and selling pressure from foreign investors may put further pressure on the rupee.
 
However, any intervention by the Reserve Bank of India and positive domestic markets may support the rupee at lower levels, they said.
 
Meanwhile, the dollar index fell by 0.15 per cent to 105.28.
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