Rupee settles flat at 83.73 against US dollar

Mumbai: The rupee moved in a narrow range before settling flat at 83.73 against US dollar on Monday as a firm American currency in overseas markets offset the gains from weak crude oil prices.

Forex traders said a recovery in the US dollar and dollar demand from importers restricted gains for the domestic unit.

At the interbank foreign exchange market, the local unit opened at 83.70 and touched a low of 83.74 against the dollar during the trading session.

It finally settled at 83.73 against the American currency, unchanged from its previous close. On Friday, the rupee recovered from its all-time low level and appreciated 5 paise to 83.73 against the US dollar.

Meanwhile, surpassing the all-time high level achieved the previous week, India’s forex reserves jumped by another $4 billion to $670.857 billion for the seven days ended July 19, the RBI said on Friday.

The overall reserves had jumped by $9.699 billion to an all-time high of $666.854 billion in the week ended July 12.