The Indian rupee lost 16 paise to close at 71.38 against the US dollar on Thursday amid steady rise in crude oil prices and strengthening of the greenback overseas.
Forex traders said the rupee is trading in a narrow range amid lack of directional cues from the global market.
At the interbank foreign exchange market, the domestic currency opened weak at 71.27 a dollar. It finally settled for the day at 71.38, showing a fall of 16 paise over its previous close.
On Wednesday, the local unit had closed at 71.22 against the greenback.
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