Rupee slips 16 paise to 71.38 against US Dollar

Representative image. (Reuters photo)

The Indian rupee lost 16 paise to close at 71.38 against the US dollar on Thursday amid a steady rise in crude oil prices and strengthening of the greenback overseas.

Forex traders said the rupee is trading in a narrow range amid lack of directional cues from the global market.

At the interbank foreign exchange market, the domestic currency opened weak at 71.27 a dollar. It finally settled for the day at 71.38, showing a fall of 16 paise over its previous close.

On Wednesday, the local unit had closed at 71.22 against the greenback.

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