Rupee falls 6 paise to 83.93 against dollar

Mumbai: The rupee depreciated by 6 paise to close at 83.93 against the American currency on Tuesday, on overnight jump in crude oil prices and a surge in commodity prices.

However, positive domestic markets and a soft US dollar cushioned the downside, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.91 and touched an intra-day low of 83.95 against the US dollar.

The domestic currency finally settled at 83.93, lower by 6 paise from its previous close.

On Monday, the Indian rupee settled for the day 3 paise higher at 83.87 against the American currency.

Forex traders said the rupee is likely to remain within a narrow range as the Reserve Bank of India has been actively intervening in the market, consistently absorbing inflows.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.05 per cent lower at 100.79.

Reserve Bank Governor Shaktikanta Das on Monday said the central bank is constantly working on policies, systems, and platforms to make the country’s financial sector strong, nimble and customer centric.