Rupee settles flat at 72.95 against US dollar
The Indian rupee ended just 1 paisa higher at 72.95 against the US dollar on Wednesday amid a firm trend in the domestic equity markets.
image for illustrative purpose
Mumbai: The Indian rupee ended just 1 paisa higher at 72.95 against the US dollar on Wednesday amid a firm trend in the domestic equity markets.
At the interbank forex market, the local unit opened at 72.96 against the greenback and witnessed an intra-day high of 72.92 and a low of 72.98. It finally ended at 72.95 against the American currency, registering a rise of just 1 paisa over its previous close. The dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.03 per cent to 91.17.
"The $-INR spot is not breaking the narrow range of 72.75-73.20. Right now, the market is very flat and volatility is muted. "The bullish sentiments and inflows into local stocks confined the advance in rupee, but for that RBI's protection around 72.75-73 zone should end," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services. Gupta further noted that traders are waiting for RBI policy outcome for more clarity over the trend.
