Rupee settles flat at 83.98 against U.S. dollar
3 months, 1 week ago

Rupee settles flat at 83.98 against U.S. dollar

The Hindu  

The rupee witnessed range-bound trade and settled for the day on a flat note at 83.98 against U.S. dollar on Wednesday as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities. Forex traders said significant corrections in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside. "Indian rupee continued to remain range-bound stuck in a 83.90-84 range supported by active interventions from RBI at lower levels along with declining crude oil prices also capping the upside in same," said Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers. Forex traders said crude oil level of $70 per barrel will act as a support for the domestic unit as India, the world's third-largest oil importer, stands to benefit from cheaper oil.

History of this topic

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