Indian rupee, recouping all the early losses, concluded flat on Tuesday tailing record high close of local equities. The currency snapping two consecutive sessions’ appreciating streak depreciated in early deals on account of incremental dollar demand by foreign banks and oil importers. However, further gains of local currency were restricted on account of strength of dollar against the basket of other major currencies. On the global front, short-covering helped lift the dollar to a one-week high against the yen on Tuesday after China growth data was not as bad as many feared, while the euro remained under pressure ahead of possible easing steps by the European Central Bank as early as this week.
Finally the rupee ended unchanged at Monday’s close of 61.70 on Tuesday. The currency touched a high and low of 61.91 and 61.68 respectively.
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