The rupee rose 1 paisa in a range-bound trade to close at 83.11 (provisional) against the US dollar on Thursday, as the support from weak American currency overseas was negated by rising crude oil prices. The unit oscillated between an intraday low of 83.14 and a high of 83.08 and finally settled at 83.11 (provisional) against the dollar, 1 paisa higher from its previous close. The rupee traded on a flat note amid weak domestic markets and rising crude oil prices. "We expect the rupee to trade with a slight negative bias on weak domestic markets and geopolitical tensions in the Middle East. The Red Sea issue, rising crude oil prices, and selling pressure from foreign investors may also dent the rupee.

Source: The Hindu January 25, 2024 12:26 UTC