<p>Mumbai: The rupee consolidated in a narrow range to settle 3 paise higher at 83.67 (provisional) against the American currency on Monday, as crude oil prices and the US dollar retreated from their elevated levels.</p><p>Forex traders said the Indian rupee recovered from all-time low levels and traded in a narrow range as mixed-to-weak domestic markets put downside pressure on the rupee. However, weak tone in the US dollar and a decline in crude oil prices cushioned the downside.</p><p>At the interbank foreign exchange market, the local unit opened at 83.66, and touched an intraday high of 83.65 and a low of 83.68 against the dollar during the trading session.</p>.Rupee recovers 5 paise from all-time low to 83.65 against US dollar in early trade. <p>It finally settled at 83.67 (provisional) against the American currency, registering a gain of 3 paise from its previous close.</p><p>On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar.</p><p>"We expect the rupee to trade with a slight negative bias on the weak tone in the global markets and overall strength in the US dollar. Weak Asian currencies and a weak yuan may also support the dollar. However, weakness in crude oil prices and FII inflows may support the rupee at lower levels," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>Any intervention by the RBI may also support the rupee. Investors may take cues from India's Union Budget. USD-INR spot price is expected to trade in a range of Rs 83.20 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 lower by 0.17 per cent at 104.22.</p><p>Brent crude futures, the global oil benchmark, were trading marginally lower by 0.29 per cent at USD 82.39 per barrel.</p><p>On the macroeconomic front, India's forex reserves jumped by USD 9.699 billion to an all-time high of USD 666.854 billion for the week ended July 12, the RBI said on Friday.</p><p>In the previous reporting week, the kitty had increased by USD 5.158 billion to USD 657.155 billion, surpassing the previous high of USD 655.817 billion for the week ended June 7.</p><p>In the domestic equity market, the 30-share BSE Sensex fell 102.57 points or 0.13 per cent to settle at 80,502.08 points and Nifty dropped 21.65 points or 0.09 per cent to 24,509.25 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,506.12 crore, according to exchange data.</p>
<p>Mumbai: The rupee consolidated in a narrow range to settle 3 paise higher at 83.67 (provisional) against the American currency on Monday, as crude oil prices and the US dollar retreated from their elevated levels.</p><p>Forex traders said the Indian rupee recovered from all-time low levels and traded in a narrow range as mixed-to-weak domestic markets put downside pressure on the rupee. However, weak tone in the US dollar and a decline in crude oil prices cushioned the downside.</p><p>At the interbank foreign exchange market, the local unit opened at 83.66, and touched an intraday high of 83.65 and a low of 83.68 against the dollar during the trading session.</p>.Rupee recovers 5 paise from all-time low to 83.65 against US dollar in early trade. <p>It finally settled at 83.67 (provisional) against the American currency, registering a gain of 3 paise from its previous close.</p><p>On Friday, the rupee depreciated 7 paise to settle at its all-time low of 83.70 against the US dollar.</p><p>"We expect the rupee to trade with a slight negative bias on the weak tone in the global markets and overall strength in the US dollar. Weak Asian currencies and a weak yuan may also support the dollar. However, weakness in crude oil prices and FII inflows may support the rupee at lower levels," said Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas.</p><p>Any intervention by the RBI may also support the rupee. Investors may take cues from India's Union Budget. USD-INR spot price is expected to trade in a range of Rs 83.20 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 lower by 0.17 per cent at 104.22.</p><p>Brent crude futures, the global oil benchmark, were trading marginally lower by 0.29 per cent at USD 82.39 per barrel.</p><p>On the macroeconomic front, India's forex reserves jumped by USD 9.699 billion to an all-time high of USD 666.854 billion for the week ended July 12, the RBI said on Friday.</p><p>In the previous reporting week, the kitty had increased by USD 5.158 billion to USD 657.155 billion, surpassing the previous high of USD 655.817 billion for the week ended June 7.</p><p>In the domestic equity market, the 30-share BSE Sensex fell 102.57 points or 0.13 per cent to settle at 80,502.08 points and Nifty dropped 21.65 points or 0.09 per cent to 24,509.25 points.</p><p>Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they purchased shares worth Rs 1,506.12 crore, according to exchange data.</p>