Rupee Trades in Narrow Range Against USD

MUMBAI: The rupee traded in a narrow range on Tuesday and depreciated 3 paise to 83.98 against the American currency, amid a muted trend in domestic equities.

Forex traders said foreign institutional inflows, alongside significant corrections in asset classes like the Dollar Index and crude oil prices supported the rupee, while the Reserve Bank’s active intervention kept the rupee in a tight range.

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.95 against the American currency and touched 83.98 in initial trade, registering a fall of 3 paise over its previous close.