Rupee Remains Steady at 83.50 vs US Dollar

Mumbai, Jul 9 (PTI) The rupee traded flat at 83.50 against the US currency in the opening session on Tuesday as the impact of a firm dollar in the overseas markets was offset by easing crude oil prices.

At the interbank foreign exchange market, the rupee opened marginally up 1 paisa at 83.49 against the American currency. The local unit moved in a narrow range of 83.49 to 83.51 in restricted trade in the opening session.

The rupee traded at 83.50 to a US dollar at 0925 hrs. The domestic unit had closed at 83.50 against the US dollar on Monday.

According to forex traders, the rupee moved in a tight range in the early session due to mixed global cues.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 105.03, higher by 0.03 per cent.

Brent crude, the global oil benchmark, eased by 0.28 per cent to USD 85.51 per barrel.

Domestic equity markets were trading higher in early trade, supporting the local unit. Benchmark Sensex rose 194.25 points or 0.24 per cent to 80,154.63 while broader Nifty was up 42.35 points or 0.17 per cent at 24,362.90.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Monday, as they purchased shares worth Rs 60.98 crore, according to provisional data by stock exchanges.