Asian Currency

Rupee Ends Flat Against US Dollar


The Indian rupee closed little changed against the US dollar on Wednesday, aided by intervention by the Reserve Bank of India amid continued overseas fund outflows from domestic stocks.

The local currency ended trading at Rs 84.086, compared to the previous day’s close of Rs 84.075, according to Bloomberg data.

The rupee has been consolidating in a small range for the last one week in the Rs 84.08-84.06 level, according to Nirmal Bang Securities.

“Investors have been selling yen and Indian shares and taking shelter in cash or gold ahead of US elections that could shake out global money and trade flows,” said Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP.



Source link

Leave a Response