The rupee consolidated in a narrow range and settled flat at 83.51 against the US dollar on Monday as the support from positive domestic equities was negated by 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 traded in a narrow range. It opened at 83.51, and touched an intraday low of 83.53 during the day. The domestic unit finally settled for the day flat at 83.51.
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