Rupee Inches Up By 3 Paise To Close At 87.69 Against US Dollar

The rupee consolidated in a narrow range and settled for the day higher by just 3 paise at 87.69 (provisional) against the US dollar on Thursday, after US President Donald Trump slapped an additional 25 per cent duty -- doubling it to 50 per cent -- on Indian goods, denting market sentiments.

Forex traders said weak crude oil prices and a decline in the US Dollar index supported the rupee. However, muted domestic markets and foreign fund outflows capped sharp gains.

Moreover, Trump's aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to as high as 50 per cent -- making them among the most heavily taxed US imports globally, further dented market sentiments.