Rupee rises 10 paise to 88.16 against dollar

Mumbai: The rupee witnessed range-bound trading and settled higher by 10 paise at 88.16 against the US dollar on Monday, as the domestic unit was caught between worries over US trade tariffs and hopes of a Fed rate cut.

Forex traders said, likely intervention of the RBI has helped in controlling volatility of the local unit.

At the interbank foreign exchange, the rupee opened at 88.25, then touched an intraday low of 88.30 and a high of 88.13 against the greenback during the day.

The domestic unit settled for the day at 88.16, higher by 10 paise over its previous close.