India, Sept. 30 -- The rupee traded in a narrow range in early Wednesday trade, weakening 3 paise to 95.97 against the US dollar, as continued dollar demand from state-run oil marketing companies and elevated crude prices weighed on the domestic currency.
However, dollar selling by state-run banks on behalf of the RBI in both spot and forward markets helped keep the USD/INR pair below the 96 per dollar mark.
Persistent foreign portfolio outflows, estimated at around $2.2 billion this month, along with elevated US Treasury yields, continued to exert pressure on the rupee.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....