Rupee trades in narrow range against U.S. dollar

The rupee was trading in a narrow range against the U.S. dollar in early trade on January 30, amid a negative trend in domestic equities.

Forex traders said the rupee was trading in a narrow range as rising crude oil prices weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.14 against the dollar and then touched a high of 83.13, and a low of 83.15.

On January 29, the rupee depreciated 5 paise to 83.16 against the U.S. dollar.

“Overall markets are confined to a familiar range and nothing much is expected to happen before the FOMC delivers its verdict on interest rates tomorrow in its meeting starting today. The focus will also be on German and Eurozone GDP data,” said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.15% lower at 103.45.

Brent crude futures, the global oil benchmark, rose 0.21% to $82.59 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 134.51 points or 0.19% lower at 71,807.06. The broader NSE Nifty declined 9.85 points or 0.05% to 21,727.75.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on January 29 as they purchased shares worth ₹110.01 crore, according to exchange data.