Rupee trades in narrow range against US dollar due to rising crude prices

Rupee trades in narrow range against US dollar Mumbai, Jan 30 (PTI) The rupee was trading in a narrow range against the US dollar in early trade on Tuesday, amid a negative trend in domestic equities.

Forex traders said the rupee was trading in a narrow range as rising crude oil prices weighed on investor sentiments.
 

At the interbank foreign exchange, the rupee opened at 83.14 against the dollar and then touched a high of 83.13, and a low of 83.15.
 

On Monday, the rupee depreciated 5 paise to 83.16 against the US dollar.
 

"Overall markets are confined to a familiar range and nothing much is expected to happen before the FOMC delivers its verdict on interest rates tomorrow in its meeting starting today. The focus will also be on German and Eurozone GDP data," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.
 

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 103.45.
 

Brent crude futures, the global oil benchmark, rose 0.21 per cent to USD 82.59 per barrel.
 

In the domestic equity market, the 30-share BSE Sensex was trading 134.51 points or 0.19 per cent lower at 71,807.06. The broader NSE Nifty declined 9.85 points or 0.05 per cent to 21,727.75.
 

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth Rs 110.01 crore, according to exchange data