<p>Mumbai: The rupee consolidated in a narrow range and settled lower by 1 paisa at 83.28 (provisional) against the US dollar on Wednesday, tracking a strong American currency overseas.</p>.<p>Forex traders said a muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.</p>.<p>At the interbank foreign exchange market, the local unit opened at 83.25 and touched a low of 83.29 against the greenback.</p>.<p>It finally settled at 83.28 (provisional) against the dollar, registering a fall of 1 paisa from its previous close.</p>.Rupee rises 4 paise to 83.23 against US dollar in early trade.<p>On Tuesday, the rupee had settled lower at 83.27 against the US dollar.</p>.<p>"Decline in oil prices is positive for the domestic currency; however, a firmer dollar index is helping the pair trade with a slight gain," said Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.</p>.<p>Singh further noted that traders will be paying close attention to Jerome Powell's speech. Bank of England Governor Andrew Bailey's speech will also be in focus.</p>.<p>"Geopolitical tensions continue to simmer due to the Middle East war; however, the war is being seen as largely contained. Overall, the USD-INR pair is still seen range-bound between Rs 82.80 and Rs 83," Singh said.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.24 per cent higher at 105.79.</p>.<p>Brent crude futures, the global oil benchmark, rose 0.10 per cent to USD 81.69 per barrel.</p>.<p>On the domestic equity market front, Sensex rose 33.21 points or 0.05 per cent to settle at 64,975.61. The Nifty advanced 36.80 points or 0.19 per cent to 19,443.50.</p>.<p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth Rs 497.21 crore, according to exchange data.</p>
<p>Mumbai: The rupee consolidated in a narrow range and settled lower by 1 paisa at 83.28 (provisional) against the US dollar on Wednesday, tracking a strong American currency overseas.</p>.<p>Forex traders said a muted trend in domestic equities also weighed on the local unit while a correction in oil prices provided support to the currency.</p>.<p>At the interbank foreign exchange market, the local unit opened at 83.25 and touched a low of 83.29 against the greenback.</p>.<p>It finally settled at 83.28 (provisional) against the dollar, registering a fall of 1 paisa from its previous close.</p>.Rupee rises 4 paise to 83.23 against US dollar in early trade.<p>On Tuesday, the rupee had settled lower at 83.27 against the US dollar.</p>.<p>"Decline in oil prices is positive for the domestic currency; however, a firmer dollar index is helping the pair trade with a slight gain," said Praveen Singh, Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.</p>.<p>Singh further noted that traders will be paying close attention to Jerome Powell's speech. Bank of England Governor Andrew Bailey's speech will also be in focus.</p>.<p>"Geopolitical tensions continue to simmer due to the Middle East war; however, the war is being seen as largely contained. Overall, the USD-INR pair is still seen range-bound between Rs 82.80 and Rs 83," Singh said.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.24 per cent higher at 105.79.</p>.<p>Brent crude futures, the global oil benchmark, rose 0.10 per cent to USD 81.69 per barrel.</p>.<p>On the domestic equity market front, Sensex rose 33.21 points or 0.05 per cent to settle at 64,975.61. The Nifty advanced 36.80 points or 0.19 per cent to 19,443.50.</p>.<p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth Rs 497.21 crore, according to exchange data.</p>