<p>Mumbai: The rupee consolidated in a narrow range and settled for the day lower by 1 paisa at 83.52 (provisional) against US dollar on Monday, as the support from positive domestic equities was negated by strong American currency.</p><p>Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias.</p><p>At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.51, and touched an intraday low of 83.53 during the day. The domestic unit finally settled for the day at 83.52 (provisional), down 1 paisa from its previous close.</p>.Rupee trades in narrow range against US dollar in early trade.<p>On Friday, the rupee closed at 83.51 against the American currency.</p><p>"We expect the rupee to trade with a slight negative bias on the strong US dollar and weakness in the domestic markets. Continued selling by FIIs may further pressure the rupee. However, any bond-related dollar inflows may support the rupee at lower levels," said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.</p><p>Traders may take cues from India's inflation data. Investors may remain cautious ahead of inflation data from the US this week. USDINR spot price is expected to trade in a range of Rs 83.30-83.80, Choudhary added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.27, marginally lower by 0.02 per cent.</p><p>Brent crude futures, the global oil benchmark, rose 0.12 per cent to USD 82.89 per barrel.</p><p>On the domestic equity market, the 30-share BSE Sensex advanced 111.66 points, or 0.15 per cent, to close at 72,776.13 points. The broader NSE Nifty settled 48.85 points, or 0.22 per cent higher, at 22,104.05.</p><p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 2,117.50 crore, according to exchange data.</p><p>Meanwhile, after three consecutive weeks of drop, India's forex reserves increased USD 3.668 billion to USD 641.59 billion for the week ended May 3, the RBI said on Friday.</p><p>The overall kitty dropped USD 2.412 billion to USD 637.922 billion for the previous week ended April 26.</p><p>On the macroeconomic front, India's industrial production growth slowed marginally to 4.9 per cent month-on-month in March 2024, mainly due to poor show by the mining sector, according to official data released on Friday.</p><p>The factory output growth, measured in terms of the Index of Industrial Production (IIP), was 5.6 per cent in February 2024.</p>
<p>Mumbai: The rupee consolidated in a narrow range and settled for the day lower by 1 paisa at 83.52 (provisional) against US dollar on Monday, as the support from positive domestic equities was negated by strong American currency.</p><p>Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias.</p><p>At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.51, and touched an intraday low of 83.53 during the day. The domestic unit finally settled for the day at 83.52 (provisional), down 1 paisa from its previous close.</p>.Rupee trades in narrow range against US dollar in early trade.<p>On Friday, the rupee closed at 83.51 against the American currency.</p><p>"We expect the rupee to trade with a slight negative bias on the strong US dollar and weakness in the domestic markets. Continued selling by FIIs may further pressure the rupee. However, any bond-related dollar inflows may support the rupee at lower levels," said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.</p><p>Traders may take cues from India's inflation data. Investors may remain cautious ahead of inflation data from the US this week. USDINR spot price is expected to trade in a range of Rs 83.30-83.80, Choudhary added.</p><p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 105.27, marginally lower by 0.02 per cent.</p><p>Brent crude futures, the global oil benchmark, rose 0.12 per cent to USD 82.89 per barrel.</p><p>On the domestic equity market, the 30-share BSE Sensex advanced 111.66 points, or 0.15 per cent, to close at 72,776.13 points. The broader NSE Nifty settled 48.85 points, or 0.22 per cent higher, at 22,104.05.</p><p>Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 2,117.50 crore, according to exchange data.</p><p>Meanwhile, after three consecutive weeks of drop, India's forex reserves increased USD 3.668 billion to USD 641.59 billion for the week ended May 3, the RBI said on Friday.</p><p>The overall kitty dropped USD 2.412 billion to USD 637.922 billion for the previous week ended April 26.</p><p>On the macroeconomic front, India's industrial production growth slowed marginally to 4.9 per cent month-on-month in March 2024, mainly due to poor show by the mining sector, according to official data released on Friday.</p><p>The factory output growth, measured in terms of the Index of Industrial Production (IIP), was 5.6 per cent in February 2024.</p>