The absence of any major triggers will keep the rupee rangebound, according to dealers. The rupee has recovered sharply in the last few weeks and is one of the best performing Asian currencies due to a slew of measures taken by the government and the Indian central bank.

Last month, the rupee had hit a historic low of 68.81 against the dollar on deteriorating economic fundamentals. However, the reduced trade deficit for August has raised hopes that the current account deficit would be in control and the rupee has since recovered sharply.

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