The Indian rupee traded in a narrow range on Tuesday, depreciating 3 paise to 83.57 against the US dollar, amid muted domestic equities and rising crude oil prices. The RBI's intervention is keeping the rupee steady.

On Sept 23, the local unit pared its early gains to close lower by 2 paise at 83.54 against the American currency

The Indian rupee traded in a narrow range on Tuesday, depreciating 3 paise to 83.57 against the US dollar due to rising crude oil prices and muted domestic equities. Forex traders attributed the rupee

The recent uptick in crude oil prices has put pressure on the rupee, according to Pabari. "Weaker-than-expected PMI data from the Eurozone and the UK has contributed to the rise of the dollar index towards the 101.22 level, further increasing pressure on the rupee."

The Indian rupee reached a two-month high before retreating all its gains to dollar buying by the Reserve Bank taking it back to 83.55 level.