Rupee settles 4 paise lower against US dollar

Jaipur, May 16, 2024.

The rupee stayed range-bound and settled 4 paise lower at 83.50 against the US dollar on Thursday, weighed down by unabated foreign fund outflows amid investors’ weak appetite for riskier assets.

However, a firm trend in domestic equities supported the local unit and restricted its losses, forex traders said.

At the interbank foreign exchange market, the local unit traded in a narrow range. It opened at 83.45 and touched an intraday high of 83.44 and a low of 83.50.