Rupee slips to 95.74 against US dollar as crude prices, importer demand weigh

Rupee remained largely range-bound on Tuesday, but weakened 4 paise to 95.74 against the US dollar in early trade, as higher crude prices and dollar demand from importers put pressure on the currency.The currency opened at 95.74 at the interbank foreign exchange market, compared with Monday's close of 95.70, when it had gained 1 paisa against the American currency.Forex traders said rupee's movement was being contained by continued intervention from the Reserve Bank of India through state-run banks. The intervention came amid weakness in Asian equities and renewed geopolitical uncertainty around Iran."Overall, the rupee remains firmly range-bound around ₹95.50–96.00, with oil prices and RBI intervention likely to remain the key near-term drivers," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.According to Bhansali, rupee has stayed within a narrow range for the past two weeks.