The rupee traded in a narrow range and fell 4 paise to 95.74 against the American currency in early trade on Tuesday, as elevated crude prices and importer dollar demand weighed on the currency.
Forex traders said the RBI’s continued intervention through state-run banks helped prevent a sharper decline, keeping USD/INR in a narrow range despite weakness in
Asian equities and renewed geopolitical uncertainty around Iran.
At the interbank foreign exchange market, the rupee opened at 95.74, registering a fall of 4 paise from its previous close.
On Monday, the rupee settled with a marginal gain of 1 paisa at 95.70 against the US dollar.
“Overall, the rupee remains firmly range-bound around 95.5096.00, with oil prices and RBI intervention likely to remain the key near-term drivers,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
The rupee has remained range bound for the last two weeks with oil companies and RBI buying dollars at the
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