Mumbai: The rupee pared its initial gains and settled for the day lower by 4 paise at 83.14 (provisional) against the US dollar on Monday, mirroring the benchmark indices that erased their gains and ended the day off their record-high levels.
Forex traders said the rupee settled in a narrow range as the weakness of the American currency in the overseas market supported the rupee, while elevated crude oil prices in the international market restricted the upmove.
At the interbank foreign exchange, the local unit opened at 83.08, then touched an intra-day high of 83.05 but soon pared the gains and settled for the day lower by 4 paise at 83.14 (provisional) against the American currency.
