Rupee slips to 62.08 per dollar but stays in tight range

The rupee was trading lower at 62.03/04 vs previous close of 61.84/85, tracking negative regional stocks and forex cues.

At its day's low, the rupee had hit 62.08.

U.S. markets were closed on Monday, so pent-up dollar demand will come up, say dealers.

"The upticks will be sold near 62.30. I am looking at a 61.70-62.30 range for the day," says a dealer with a forex firm. The Nifty was 0.7 per cent higher.

The yen inched down against its major counterparts in early trade on Tuesday, as investors waited to see if the Bank of Japan would hold policy steady as expected and perhaps hint at the possibility of further easing ahead.