<p>Mumbai: The rupee traded in a narrow range and settled lower by 4 paise at 83.94 (provisional) against the American currency on Thursday, as relentless dollar demand from importers and relentless foreign fund outflows dampened investor sentiments.</p><p>However, a positive trend in domestic equities and lower global crude oil prices supported the domestic currency and restricted its fall, forex traders said.</p><p>At the interbank foreign exchange market, the local unit opened weak at 83.93 and touched an intraday low of 83.97 against the US dollar.</p>.Rupee trades in narrow range against US dollar in early trade.<p>The domestic currency finally settled at 83.94 (provisional), 4 paise lower from its previous close.</p><p>On Wednesday, the rupee fell 13 paise to 83.90 against the US dollar.</p><p>"We expect the rupee to trade with a slight negative bias on outflows by foreign investors and demand for the greenback by importers. However, a positive tone in the domestic markets and declining global crude oil prices may support the rupee," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>Traders will now take cues from the weekly unemployment claims, existing home sales and PMI data from the US.</p><p>"Investors may remain cautious ahead of Fed Chair Jerome Powell's speech at Jackson Hole Symposium for any cues on rate cuts by the central bank. USD/INR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent higher at 101.23.</p><p>Brent crude, the global oil benchmark, advanced 0.38 per cent to USD 76.34 per barrel.</p><p>On the domestic equity market front, Sensex advanced 147.89 points, or 0.18 per cent, to close at 81,053.19 points. The Nifty rose 41.30 points, or 0.17 per cent, to 24,811.50 points.</p><p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 799.74 crore, according to exchange data.</p><p>Meanwhile, the Federal Reserve's recent meeting minutes revealed that most officials are inclined towards a rate cut in September, and this has put downward pressure on the US dollar and offered some support to the rupee.</p><p>Traders will now focus on cues from the Jackson Hole symposium, where Fed Chair Jerome Powell's remarks could set the tone for global currency markets.</p>
<p>Mumbai: The rupee traded in a narrow range and settled lower by 4 paise at 83.94 (provisional) against the American currency on Thursday, as relentless dollar demand from importers and relentless foreign fund outflows dampened investor sentiments.</p><p>However, a positive trend in domestic equities and lower global crude oil prices supported the domestic currency and restricted its fall, forex traders said.</p><p>At the interbank foreign exchange market, the local unit opened weak at 83.93 and touched an intraday low of 83.97 against the US dollar.</p>.Rupee trades in narrow range against US dollar in early trade.<p>The domestic currency finally settled at 83.94 (provisional), 4 paise lower from its previous close.</p><p>On Wednesday, the rupee fell 13 paise to 83.90 against the US dollar.</p><p>"We expect the rupee to trade with a slight negative bias on outflows by foreign investors and demand for the greenback by importers. However, a positive tone in the domestic markets and declining global crude oil prices may support the rupee," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>Traders will now take cues from the weekly unemployment claims, existing home sales and PMI data from the US.</p><p>"Investors may remain cautious ahead of Fed Chair Jerome Powell's speech at Jackson Hole Symposium for any cues on rate cuts by the central bank. USD/INR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent higher at 101.23.</p><p>Brent crude, the global oil benchmark, advanced 0.38 per cent to USD 76.34 per barrel.</p><p>On the domestic equity market front, Sensex advanced 147.89 points, or 0.18 per cent, to close at 81,053.19 points. The Nifty rose 41.30 points, or 0.17 per cent, to 24,811.50 points.</p><p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 799.74 crore, according to exchange data.</p><p>Meanwhile, the Federal Reserve's recent meeting minutes revealed that most officials are inclined towards a rate cut in September, and this has put downward pressure on the US dollar and offered some support to the rupee.</p><p>Traders will now focus on cues from the Jackson Hole symposium, where Fed Chair Jerome Powell's remarks could set the tone for global currency markets.</p>