Mumbai: The rupee stayed range-bound and settled 4 paise lower at 83.50 against the US dollar on Thursday, weighed down by unabated foreign fund outflows amid investors’ weak appetite for riskier assets.
The rupee remains under pressure due to ongoing elections and foreign fund outflows, and the same shall subside once the results are out, they added.
At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.45 and touched an intraday high of 83.44 and a low of 83.50.
The domestic unit finally settled for the day at 83.50, down 4 paise from its previous close.
On Wednesday, the rupee had settled at 83.46 against the US dollar.