ET:Rupee briefly inches up after trade data; seen ranged
The rupee was trading at 62.40/41 versus its close of 62.43/44 on Monday as investors stay on the sidelines ahead of the new Federal Reserve chief's testimony due later in the evening.
The largely-in-line trade data fails to have much impact on the market but the pair briefly moved down towards the session low of 62.33 but soon retreated.
India's trade deficit narrowed in January, helped by a 77 per cent drop in imports of gold and silver while exports ticked up, improving the outlook for the country's fragile current account balance.
Traders will continue to monitor shares for cues on foreign fund flows during the session.
The pair is expected to broadly hold in a 62 to 63 range during the week.
