Mumbai: The Indian currency was in a tight range on yesterday with the market jammed between chances of foreign trade in the securities market, and the possibleness of central bank (RBI) intervention.

In early trading (9:40 a.m.), the partially convertible rupee stood at 39.36/37, higher than its last closure at 39.375/385 on Thursday. Last month, it hit 39.16, which is its strongest peak since March 1998.

A dealer with a public sector bank said, “It’s going to be a rangish market till we get some solid cues, and the stock market is one of them.”

The BSE Sensex hit its record peak for the second day on Wednesday, and traders anticipate the rally to carry on, while weak Asian markets may cap benefits.

In the eight days to Tuesday, outsiders have purchased Indian shares around $1.1 billion, and this takes the total purchases (since the start of January) to $16.9 billion.

Foreign purchasing of Indian shares has been a key driver of the Indian rupee in the existing year, which helped it to gain around 12.5%, and turn out to be the Asia's best performing currencies against the US dollar.

Still, advancements were limited as the dollar reached near one-month highs against the yen as the U.S.

Dealers said that the RBI viewpoint carrying on intervening against the local unit, further weighed on reaction.