The rupee recovered from initial losses to settle higher by 13 paise at 71.71 against the US currency on Tuesday, propped up softening crude oil prices and gains in domestic equity markets.
Forex traders said the rupee consolidated in a narrow range following lack of cues on the domestic as well as the global front. During the day, the domestic unit fluctuated between a high of 71.68 and a low of 72.
"The Indian rupee opened lower at 71.97 a dollar, tacking cues from most Asian currencies as a lack of progress in US-China trade talks had an impact on risk appetite. However, the rupee recovered from day's low amid stronger domestic equity and lower crude oil prices," said VK Sharma, Head — PCG & Capital Market Strategy, HDFC securities.