<p>Mumbai: The rupee consolidated in a narrow range to settle just 3 paise higher at 87.72 (provisional) against the US dollar on Tuesday amid a negative trend in domestic equities.</p>.<p>Forex traders said the rupee is trading in a tight range as a late decline in domestic markets and foreign fund outflows capped sharp gains for the domestic unit.</p>.<p>Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the US.</p>.Markets in choppy waters; Sensex drops 368 points dragged by bank stocks.<p>At the interbank foreign exchange, the domestic unit opened at 87.70 and moved in a range of 87.59-87.72 during the day before settling at 87.72 (provisional), just 3 paise higher than its previous close.</p>.<p>On Monday, the domestic unit closed at 87.75 against the US dollar.</p>.<p>Investors are in a wait-and-watch mode ahead of the US CPI inflation data and are also awaiting cues from the US-Russia talks on August 15, traders said.</p>.<p>"We expect the rupee to trade with a negative bias on account of the ongoing trade tariff war between India and the US. Sustained FII outflows may also pressurise the rupee.</p>.<p>"However, weakness in the US Dollar and declining crude oil prices may support the rupee at lower levels. Investors now focus on the US and Indian inflation data this week. USD/INR spot price is expected to trade in a range of 87.40 to 87," said Anuj Chaudhary, Research Analyst Commodities and Currencies, Mirae Asset Sharekhan.</p>.<p>Meanwhile, Brent crude prices rose 0.41 per cent to USD 66.70 per barrel in futures trade.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.04 per cent to 98.55.</p>.<p>On the domestic equity market front, Sensex dropped 368.49 points to settle at 80,235.59, while Nifty declined 97.65 points to close at 24,487.40.</p>.<p>Foreign Institutional Investors offloaded equities worth Rs 1,202.65 crore on Monday, according to exchange data.</p>
<p>Mumbai: The rupee consolidated in a narrow range to settle just 3 paise higher at 87.72 (provisional) against the US dollar on Tuesday amid a negative trend in domestic equities.</p>.<p>Forex traders said the rupee is trading in a tight range as a late decline in domestic markets and foreign fund outflows capped sharp gains for the domestic unit.</p>.<p>Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the US.</p>.Markets in choppy waters; Sensex drops 368 points dragged by bank stocks.<p>At the interbank foreign exchange, the domestic unit opened at 87.70 and moved in a range of 87.59-87.72 during the day before settling at 87.72 (provisional), just 3 paise higher than its previous close.</p>.<p>On Monday, the domestic unit closed at 87.75 against the US dollar.</p>.<p>Investors are in a wait-and-watch mode ahead of the US CPI inflation data and are also awaiting cues from the US-Russia talks on August 15, traders said.</p>.<p>"We expect the rupee to trade with a negative bias on account of the ongoing trade tariff war between India and the US. Sustained FII outflows may also pressurise the rupee.</p>.<p>"However, weakness in the US Dollar and declining crude oil prices may support the rupee at lower levels. Investors now focus on the US and Indian inflation data this week. USD/INR spot price is expected to trade in a range of 87.40 to 87," said Anuj Chaudhary, Research Analyst Commodities and Currencies, Mirae Asset Sharekhan.</p>.<p>Meanwhile, Brent crude prices rose 0.41 per cent to USD 66.70 per barrel in futures trade.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced 0.04 per cent to 98.55.</p>.<p>On the domestic equity market front, Sensex dropped 368.49 points to settle at 80,235.59, while Nifty declined 97.65 points to close at 24,487.40.</p>.<p>Foreign Institutional Investors offloaded equities worth Rs 1,202.65 crore on Monday, according to exchange data.</p>