The Indian rupee is expected to stay range bound near record low levels amid muted equities and dollar strength overseas. The dollar index stabilized above 105 on Tuesday as investors continued to assess the outlook for Federal Reserve monetary policy. Yesterday, rupee pared its initial gains and settled for the day 7 paise lower at 83.52 against the US dollar. At the interbank foreign exchange, the local unit opened at 83.43, then touched an intra-day high of 83.42 and a low of 83.55 against the greenback. The rupee finally settled at 83.52 against dollar, registering a fall of 7 paise over its previous close. The benchmark S&P BSE Sensex ended the session up 17.39 points, or 0.02 percent, at 73,895.54, giving up most early gains as oil prices jumped around 1 percent after their biggest weekly drop since February. Powered by Commodity Insights |