Mumbai – The rupee moved in a tight range to settle 7 paise higher at 88.68 (provisional) against the American currency on Thursday due to suspected RBI intervention amid a strong US dollar and weak domestic markets.

Forex traders said the H1-B visa fee hike and surge in crude oil prices pressured the rupee. However, the selling of greenbacks by exporters and reports of intervention by the RBI prevented a sharp fall in the domestic unit.

Moreover, investors remained concerned over global trade uncertainties and the impact of the US visa fee hike on India’s IT services exports.

At the interbank foreign exchange, the rupee opened at 88.65 against the US dollar, and witnessed an intraday high of 88.60 and a low of 88.70 against the greenback.

The domestic unit finally settled for the day

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