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The rupee ended flat at 53.48 against the dollar after Standard & Poor’s cut India’s growth forecast for the year to 5.5 per cent.
The credit ratings agency also cut forecast for China, Japan, South Korea, Singapore, Taiwan, Hong Kong and Australia.
The rupee opened higher at 53.44 emboldened by the government’s move to hold fort on ‘reforms,’ it announced about 10 days ago.
Sustained dollar selling by exporters and banks also helped the Indian currency, which gained to a high of 53.05 in intraday trade.
Also, the dollar has depreciated a tad against major currencies including the euro.
>satyanarayan.iyer@thehindu.co.in
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