The Indian rupee lost 16 paise to close at 71.38 against the US dollar on Thursday amid a steady rise in crude oil prices and strengthening of the greenback overseas.
Forex traders said the rupee is trading in a narrow range amid lack of directional cues from the global market.
At the interbank foreign exchange market, the domestic currency opened weak at 71.27 a dollar. It finally settled for the day at 71.38, showing a fall of 16 paise over its previous close.
On Wednesday, the local unit had closed at 71.22 against the greenback.
Published 02 January 2020, 12:20 IST