The Indian rupee saw a narrow trading range in early transactions on Monday, gaining just 1 paisa to reach 84.06 against the US dollar. This minor appreciation was affected by sustained foreign fund outflows and muted activity in domestic equities, as per PTI.

Forex experts noted that the rupee is likely to maintain a narrow range throughout the day, as the strength of the dollar and the rise in global crude oil prices weigh heavily on the currency. However, should the Reserve Bank of India (RBI) intervene, the rupee could receive some support at lower levels. According to PTI, at the interbank foreign exchange, the rupee opened slightly lower at 84.07 against the US dollar, before appreciating to 84.06, showing a marginal rise of 1 paisa from the previous close. On Thursday, it had also edged up by 1 paisa, to close at 84.07 against the dollar, PTI added. Friday’s trading session was closed in observance of Diwali.