Rupee trades in narrow range against U.S. dollar

Rupee trading in narrow range vs US$ as foreign fund outflows, rising crude oil prices weigh on investor sentiments. Dollar index down 0.36%, Brent crude up 0.73%. Domestic equity markets lower, FIIs net sellers. India's forex kitty down $462 mn to $590.321 bn.

The rupee was trading in a narrow range against the U.S. dollar in early trade on Monday, amid a negative trend in domestic equities.

Forex traders said the rupee is trading in a narrow range as sustained foreign fund outflows and rising crude oil prices weighed on investor sentiments.

At the interbank foreign exchange, the rupee opened at 83.25 against the dollar and then touched a high of 83.23, and a low of 83.27 against the greenback.

On Friday, the rupee settled at 83.26 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.36% lower at 103.54.

Brent crude futures, the global oil benchmark, rose 0.73% to $81.20 per barrel.

"Rupee opened virtually unchanged as demand for dollars continues unabated and RBI keeps its supply tap on," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.