Rupee Trades Narrowly Against US Dollar Amidst Dollar Demand and Outflows

The Hindu - Business · business

The Indian rupee traded in a narrow range, falling 3 paise to 95.97 against the U.S. dollar in early trade on Wednesday. Persistent dollar demand from oil marketing companies and firm crude oil prices pressured the rupee. The Reserve Bank of India's dollar sales are limiting the USD/INR pair below 96.00. Foreign portfolio outflows of approximately $2.2 billion this month and firm U.S. yields are also contributing to the pressure on the rupee.