Rupee moves in narrow range against US dollar in early trade

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The rupee traded in a narrow range against the US dollar in the morning session on Tuesday amid the weakness of the US currency and muted trend in local stocks.

forex Dealers said that the outflow of foreign funds also affected the local unity.

In the interbank foreign exchange, the rupee opened at 81.95 against the dollar. It touched the highest level at 81.86 in initial trades.

the The rupee settled on Monday at 81.92 against the US dollar.

Meanwhile, the dollar index was trading at 101.33, down 0.02 percent.

Brent crude futures, the global benchmark for oil, fell 0.01 percent to $82.72 a barrel.

On the domestic stock market front, BSE Sensex traded It fell 4.41 points, or 0.01 percent, at 60,051.69 points, while NSE Nifty fell 2.40 points, or 0.01 percent, to 17,741.00 points.

Foreign institutional investors were net sellers in the capital market on Monday as they unloaded shares worth Rs 412.27 crore, according to exchange data.

“The rupee will remain between 81.80 to 82.20 levels as the RBI is buying dollars at lower levels and inflows continue at higher levels to keep it trapped well in the small range for now,” Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP, said.