Rs declines 2 paise to 83.51 against $

Mumbai: The rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar on Wednesday amid rising crude oil prices overseas and selling in domestic equities.

A softening American currency and inflow of foreign funds capped the fall in the local unit, forex traders said.

At the interbank foreign exchange market, the rupee opened flat at 83.49 against the dollar and moved in a close range of 83.48 to 83.53 during the session.

The local unit finally settled at 83.51 against the American currency, registering a loss of 2 paise from its previous close.

The rupee had edged up 1 paisa to close at 83.49 against the dollar on Tuesday.

Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas, said the rupee is expected to trade with a slight negative bias on weakness in domestic market and positive tone in the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, eased 0.03 per cent to 104.77.