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The rupee pared early morning gains to settle 2 paise down at 70.98 against the US currency on Tuesday amid lack of any major triggers on the domestic front.
Forex traders said while sustained foreign fund inflows and heavy buying in domestic equities supported the rupee, rising crude oil prices and gains in the dollar in global markets restricted the upmove.
At the interbank foreign exchange market, the rupee had opened at 70.96 against the US dollar. During the day, the domestic unit saw a high of 70.87 and a low of 71.02.
The domestic unit finally settled at 70.98, lower by 2 paise over the previous closing price. On Monday the rupee had settled at 71.00 against the American currency.
“We expect that in the next couple of sessions volatility for rupee could remain low as no major economic data is expected to release. The USDINR(Spot) to quote in the range of 70.70 and 71.20,” said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services Private Ltd.
Forex traders said heavy buying in domestic equities and foreign fund flows supported the local unit.
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