Home Economy Rupee trades in a narrow range in early session against U.S. dollar

Rupee trades in a narrow range in early session against U.S. dollar

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The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% lower at 95.69

The Indian rupee was trading in a narrow range in morning trade on January 21 as muted domestic equities and sustained foreign fund outflows negated the impact of easing crude oil prices.

At the interbank foreign exchange, the rupee opened at 74.50 against the American dollar, then inched higher to 74.48. The local unit also touched an early low of 74.53 against U.S. dollar in the opening session.

On January 20, the rupee had slipped 7 paise to close at 74.51 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.04% lower at 95.69.

Easing crude oil prices will cap weakness, however, weak Asian and emerging market peers will cap strength of the domestic unit, Reliance Securities said in a research note.

The weekly futures and options will expire today, so…

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