Rupee dips by 2 paise to close at 83.97/$

The rupee consolidated in a narrow range and settled for the day lower by 2 paise at 83.97 against US dollar on Thursday, after RBI kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US dollar index prevented the local unit from declining sharply.