Rupee rises 1 paisa to 83.11 against dollar

Mumbai: The rupee rose 1 paisa in a range-bound trade to close at 83.11 against the US dollar on Thursday, as the support from weak American currency overseas was negated by rising crude oil prices.

Forex traders said the rupee is trading in a narrow range as muted domestic equities and sustained foreign fund outflows dented investor sentiments. At the interbank foreign exchange market, the local unit opened at 83.13 against the greenback.

The unit oscillated between an intraday low of 83.14 and a high of 83.08 and finally settled at 83.11 against the dollar, 1 paisa higher from its previous close.

On Wednesday, the rupee had settled at 83.12 against the US dollar.

The rupee traded on a flat note amid weak domestic markets and rising crude oil prices. Foreign fund outflows also weighed on the domestic currency, said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.06 per cent lower at 103.17 on

Wednesday.