Rupee rises 3 paise to 83.58 against dollar

Mumbai: The rupee consolidated in a narrow range and settled for the day 3 paise higher at 83.58 against the US dollar on Tuesday, on firm domestic markets and sustained inflow of foreign capital.

Forex traders said a decline in crude oil prices favoured the rupee, while a strong US dollar capped sharp gains.

At the interbank foreign exchange market, the local unit opened at 83.59, and touched an intraday high of 83.53 and a low of 83.60 against the dollar during the trading session.

It finally settled at 83.58 against the American currency, registering a gain of 3 paise from its previous close.

On Monday, the rupee depreciated 10 paise to 83.61 against the US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading marginally higher by 0.11 per cent at 104.29.

“The US dollar gained on positive US markets and a surge in US treasury yields on rising expectations that Donald Trump may be re-elected as the President of the United States in the upcoming elections in November,” said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.