<p>Mumbai: The rupee traded in a tight range and slipped 6 paise to 87.69 against the US dollar in morning trade on Wednesday as depreciation pressures are still lingering amid persistent foreign fund outflows.</p>.<p>Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India has stepped up its efforts to curb excessive rupee depreciation.</p>.<p>At the interbank foreign exchange market rupee opened at 87.63, then touched an intra-day low of 87.69 against the US dollar in initial trade, lower by 6 paise from its previous close.</p>.<p>On Tuesday, the rupee appreciated 12 paise to close at 87.63 against the US dollar.</p>.<p>In initial trade, the rupee touched an early high of 87.61 against the greenback.</p>.SEBI bans DHFL's Kapil Wadhawan, Dheeraj Wadhawan, 4 more from securities market.<p>Following the US CPI release, the probability of a Fed rate cut on September 17 rose sharply to 90 per cent from 82 per cent, CR Forex Advisors MD Amit Pabari said.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.08 per cent to 98.01, as markets continued to price in a September US rate cut.</p>.<p>Brent crude, the global oil benchmark, was up 0.09 per cent at USD 66.18 per barrel in futures trade.</p>.<p>On the domestic front, India's July retail inflation cooled sharply to 1.55 per cent, marking the lowest level since June 2017.</p>.<p>"Price pressures undershooting the Reserve Bank of India's inflation target are paving the way for more interest rate cuts this year, adding downward pressure on the rupee," Pabari said.</p>.<p>"Amidst pressures, the Reserve Bank of India has reportedly stepped up its efforts to curb excessive rupee depreciation, selling at least USD 5 billion in both onshore and offshore markets this month.</p>.<p>"While these interventions have provided short-term relief, persistent headwinds, including escalated trade tensions from higher US tariffs, continue to leave the rupee vulnerable and depreciation risks alive," he added.</p>.<p>On the domestic equity market front, the Sensex climbed 327.79 points to 80,563.38 in early trade, while the Nifty was up 112.15 points to 24,599.55.</p>.<p>Foreign Institutional Investors offloaded equities worth Rs 3,398.80 crore on Tuesday, according to exchange data.</p>
<p>Mumbai: The rupee traded in a tight range and slipped 6 paise to 87.69 against the US dollar in morning trade on Wednesday as depreciation pressures are still lingering amid persistent foreign fund outflows.</p>.<p>Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India has stepped up its efforts to curb excessive rupee depreciation.</p>.<p>At the interbank foreign exchange market rupee opened at 87.63, then touched an intra-day low of 87.69 against the US dollar in initial trade, lower by 6 paise from its previous close.</p>.<p>On Tuesday, the rupee appreciated 12 paise to close at 87.63 against the US dollar.</p>.<p>In initial trade, the rupee touched an early high of 87.61 against the greenback.</p>.SEBI bans DHFL's Kapil Wadhawan, Dheeraj Wadhawan, 4 more from securities market.<p>Following the US CPI release, the probability of a Fed rate cut on September 17 rose sharply to 90 per cent from 82 per cent, CR Forex Advisors MD Amit Pabari said.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.08 per cent to 98.01, as markets continued to price in a September US rate cut.</p>.<p>Brent crude, the global oil benchmark, was up 0.09 per cent at USD 66.18 per barrel in futures trade.</p>.<p>On the domestic front, India's July retail inflation cooled sharply to 1.55 per cent, marking the lowest level since June 2017.</p>.<p>"Price pressures undershooting the Reserve Bank of India's inflation target are paving the way for more interest rate cuts this year, adding downward pressure on the rupee," Pabari said.</p>.<p>"Amidst pressures, the Reserve Bank of India has reportedly stepped up its efforts to curb excessive rupee depreciation, selling at least USD 5 billion in both onshore and offshore markets this month.</p>.<p>"While these interventions have provided short-term relief, persistent headwinds, including escalated trade tensions from higher US tariffs, continue to leave the rupee vulnerable and depreciation risks alive," he added.</p>.<p>On the domestic equity market front, the Sensex climbed 327.79 points to 80,563.38 in early trade, while the Nifty was up 112.15 points to 24,599.55.</p>.<p>Foreign Institutional Investors offloaded equities worth Rs 3,398.80 crore on Tuesday, according to exchange data.</p>