Rupee trades in narrow range against US dollar

MUMBAI: The rupee was trading in a narrow range against the US dollar in early trade on Monday, tracking a weak trend in domestic equities and strong American currency.

Forex traders said with foreign investors buying US dollars and the Reserve Bank of India (RBI) selling the greenback, the USD/INR pair is expected to remain range-bound with a bit of a weakness bias.

At the interbank foreign exchange market, the local unit moved in a narrow range. It opened at 83.51 against the American currency and touched 83.52 in initial trade, registering a fall of 1 paisa from its previous close.