Rupee rises 1 paisa to close at 82.62 against US dollar

The rupee consolidated in a narrow range, settling just 1 paisa higher at 82.62 (tentative) against the US dollar on Tuesday amid muted trend in local stocks.

The rupee is trading in a narrow range as market participants remain vigilant ahead of the Reserve Bank of India’s monetary policy later this week. The central bank is widespread The buyback price is expected to be left unchanged 6.5 percent.

Forex dealers said the dollar’s rise in international markets kept the pressure on domestic unity.

In the inter-bank foreign exchange market, the local unit opened at 82.56 against the US dollar and settled at 82.62 (temporary), up 1 paisa from its previous close.

During the day, the local unit witnessed the highest level of the day at 82.56 and the lowest level at 82.66.

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On Monday, the rupee was closed at 82.63 against the American currency.

The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.12 percent to 104.12.

global oil standard, Brent Crude Futuresfell by 1.60 percent to $75.48 a barrel.

Forex traders said the Reserve Bank’s Monetary Policy Committee began deliberations on Tuesday. Chaired by Reserve Bank Governor Shaktikanta Das, the six-member Monetary Policy Committee (MPC) will meet for three days and the decision will be announced on Thursday.

In terms of the local stock market, BSE Sensex, which includes 30 shares, advanced 5.41 points, or 0.01 percent, to close at 62,792.88 points, and the broader NSE Nifty index rose 5.15 points, or 0.03 percent, to 18,599.00 points.

Foreign Institutional Investors (FIIs) were net sellers in the capital market on Monday as they unloaded shares worth Rs 700.98 crore, according to exchange data.