The Indian rupee opened flat against the US dollar on Tuesday, even as the dollar index and crude oil prices fell.
The rupee opened flat at 83.87 against the US dollar, according to Bloomberg data. It closed at 83.87 on Monday.
With the RBI firmly in control, the rupee is likely to remain within a narrow range, according to Amit Pabari, managing director of CR Forex Advisors. “However, if the RBI eases its grip on the rupee, a swift move towards the Rs 83.60 level could be on the horizon.”
According to Pabari, the rupee will currently fluctuate between Rs 83.80 and Rs 84.05, with a wider range of Rs 83.60–84.05 in the medium term.
