Rupee trades in narrow range against US dollar in early trade

the rupee Range-bound trading was seen against the US dollar in early trading on Monday Crude oil prices The hover above $80 a barrel and the negative trend in local stocks affected investor sentiment.

Forex traders said that investors are watching on the sidelines, waiting for cues from the FOMC meeting and the US Federal Reserve decision this week.

In the interbank foreign exchange market, the rupee opened at 82.00 against the dollar, touching 82.01, marking a decrease of 3 pounds from the previous close.

In initial trading, the rupee touched a high of 81.98 against the US currency.

On Friday, the rupee closed at 81.98 against the greenback.

Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, fell marginally by 0.05 to 101.01.

Brent Crude FuturesThe global oil index was trading down 0.10 percent at $80.99 a barrel.

According to Anil Kumar Bhansali, Head of Treasury Finrex Treasury Advisors LLP, as the US dollar index rose to 101.10, Asian currencies were trading against the dollar. The rupee opened near the 82 level with the focus on the approaching FOMC meeting and the Fed’s decision on the 26th.

The Reserve Bank of India said on Friday that India’s foreign exchange reserves swelled by $12.743 billion to $609.022 billion in the week ending July 14.

On the domestic stock market, 30-share BSE Sensex It decreased by 87.24 points, or 0.13, to 66,597.02 points. broader NSE elegant It fell 10.65 points, or 0.05 percent, to 19,734.35 points.

foreign institutional investors (FIIs) were net sellers in the capital market on Friday unloading shares worth Rs 1,998.77 crore, according to exchange data.