<p>Mumbai: The rupee witnessed range-bound trade and settled for the day on a flat note at 83.98 (provisional) against US dollar on Wednesday as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities.</p>.<p>Forex traders said significant corrections in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside.</p>.<p>At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and touched an intraday high of 83.93 and a low of 83.98 against the American currency.</p>.<p>The rupee finally settled for the day at 83.98 (provisional) against the US dollar.</p>.<p>On Tuesday, the rupee depreciated 3 paise to close at 83.98 against the American currency.</p>.Markets snap two-session rally; Sensex drops 400 pts.<p>"Indian rupee continued to remain range-bound stuck in a 83.90-84 range supported by active interventions from RBI at lower levels along with declining crude oil prices also capping the upside in same," said Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers.</p>.<p>Sharma further noted that rupee's minimal volatility is also attributed to the Reserve Bank of India (RBI) maintaining long-term interest rate pauses and building record foreign exchange reserves.</p>.<p>"Overall rupee is expected to maintain a trading range of 83.90-84.10 in the week ahead with minimal volatility with cues from US CPI & ECB interest rate decision in coming days to provide further direction to currency pair," Sharma added.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.23 per cent to 101.39 points.</p>.<p>Brent crude, the international benchmark, was trading higher by 2.44 per cent to $70.88 per barrel in futures trade.</p>.<p>Forex traders said crude oil level of $70 per barrel will act as a support for the domestic unit as India, the world's third-largest oil importer, stands to benefit from cheaper oil.</p>.<p>On the domestic equity market, the 30-share BSE Sensex declined 398.13 points, or 0.49 per cent, to 81,523.16 points, while the Nifty was down 122.65 points, or 0.49 per cent, to 24,918.45 points.</p>.<p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 2,208.23 crore, according to exchange data. </p>
<p>Mumbai: The rupee witnessed range-bound trade and settled for the day on a flat note at 83.98 (provisional) against US dollar on Wednesday as the support from the lower level of crude oil prices and soft US dollar was negated by a weak trend in domestic equities.</p>.<p>Forex traders said significant corrections in asset classes like the dollar index and crude oil prices supported the rupee, while a negative trend in domestic equities and concerns over global economic growth capped the upside.</p>.<p>At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.97 against the American currency and touched an intraday high of 83.93 and a low of 83.98 against the American currency.</p>.<p>The rupee finally settled for the day at 83.98 (provisional) against the US dollar.</p>.<p>On Tuesday, the rupee depreciated 3 paise to close at 83.98 against the American currency.</p>.Markets snap two-session rally; Sensex drops 400 pts.<p>"Indian rupee continued to remain range-bound stuck in a 83.90-84 range supported by active interventions from RBI at lower levels along with declining crude oil prices also capping the upside in same," said Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers.</p>.<p>Sharma further noted that rupee's minimal volatility is also attributed to the Reserve Bank of India (RBI) maintaining long-term interest rate pauses and building record foreign exchange reserves.</p>.<p>"Overall rupee is expected to maintain a trading range of 83.90-84.10 in the week ahead with minimal volatility with cues from US CPI & ECB interest rate decision in coming days to provide further direction to currency pair," Sharma added.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.23 per cent to 101.39 points.</p>.<p>Brent crude, the international benchmark, was trading higher by 2.44 per cent to $70.88 per barrel in futures trade.</p>.<p>Forex traders said crude oil level of $70 per barrel will act as a support for the domestic unit as India, the world's third-largest oil importer, stands to benefit from cheaper oil.</p>.<p>On the domestic equity market, the 30-share BSE Sensex declined 398.13 points, or 0.49 per cent, to 81,523.16 points, while the Nifty was down 122.65 points, or 0.49 per cent, to 24,918.45 points.</p>.<p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth Rs 2,208.23 crore, according to exchange data. </p>