<p>Mumbai: The rupee witnessed range-bound trade and settled for the day higher by 4 paise at 83.88 (provisional) against the US dollar on Monday supported by weak American currency and significant foreign fund inflows, while firm crude oil prices capped sharp gains.</p>.<p>Forex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday, with a rate cut all but certain. However, the magnitude of the cut remains uncertain.</p>.<p>Moreover, the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added.</p>.Sensex rebounds nearly 100 points to hit lifetime high; Nifty scales record intra-day level.<p>At the interbank foreign exchange market, the local unit opened at 83.89 and witnessed an intraday high of 83.87 and a low of 83.90 against the American currency.</p>.<p>The domestic unit finally settled for the day at 83.88 (provisional), higher by 4 paise over its previous close, amid a positive trend in domestic equities.</p>.<p>On Friday, the local unit settled higher by 4 paise at 83.92 against the US dollar.</p>.<p>"We expect Indian rupee to trade with a slight positive bias on continued weakness in the US dollar ahead of the FOMC meeting this week," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p>.<p>Choudhary further said that "there are broad expectations of a 25 bps rate cut by the Fed following a 25 bps rate cut by ECB last week. Fresh foreign inflows and a positive tone in equity markets may further support the domestic currency. However, a recovery in crude oil prices may cap sharp upside." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.39 per cent to 100.72 points.</p>.<p>Brent crude, the international benchmark, gained 0.56 per cent to $72.01 per barrel in futures trade.</p>.<p>In the domestic equity market, the 30-share BSE Sensex advanced 97.84 points, or 0.12 per cent, to close at 82,988.78 points, while the Nifty rose 27.25 points, or 0.11 per cent, to 25,383.75 points.</p>.<p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 2,364.82 crore, according to exchange data.</p>.<p>Meanwhile, India's forex reserves jumped $5.248 billion to a new all-time high of $689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday.</p>.<p>The overall kitty had jumped by $2.299 billion to a record $683.987 billion for the previous reporting week.</p>
<p>Mumbai: The rupee witnessed range-bound trade and settled for the day higher by 4 paise at 83.88 (provisional) against the US dollar on Monday supported by weak American currency and significant foreign fund inflows, while firm crude oil prices capped sharp gains.</p>.<p>Forex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday, with a rate cut all but certain. However, the magnitude of the cut remains uncertain.</p>.<p>Moreover, the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added.</p>.Sensex rebounds nearly 100 points to hit lifetime high; Nifty scales record intra-day level.<p>At the interbank foreign exchange market, the local unit opened at 83.89 and witnessed an intraday high of 83.87 and a low of 83.90 against the American currency.</p>.<p>The domestic unit finally settled for the day at 83.88 (provisional), higher by 4 paise over its previous close, amid a positive trend in domestic equities.</p>.<p>On Friday, the local unit settled higher by 4 paise at 83.92 against the US dollar.</p>.<p>"We expect Indian rupee to trade with a slight positive bias on continued weakness in the US dollar ahead of the FOMC meeting this week," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p>.<p>Choudhary further said that "there are broad expectations of a 25 bps rate cut by the Fed following a 25 bps rate cut by ECB last week. Fresh foreign inflows and a positive tone in equity markets may further support the domestic currency. However, a recovery in crude oil prices may cap sharp upside." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.39 per cent to 100.72 points.</p>.<p>Brent crude, the international benchmark, gained 0.56 per cent to $72.01 per barrel in futures trade.</p>.<p>In the domestic equity market, the 30-share BSE Sensex advanced 97.84 points, or 0.12 per cent, to close at 82,988.78 points, while the Nifty rose 27.25 points, or 0.11 per cent, to 25,383.75 points.</p>.<p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday, as they purchased shares worth Rs 2,364.82 crore, according to exchange data.</p>.<p>Meanwhile, India's forex reserves jumped $5.248 billion to a new all-time high of $689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday.</p>.<p>The overall kitty had jumped by $2.299 billion to a record $683.987 billion for the previous reporting week.</p>