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The rupee pared its initial gains to close almost flat at 70.92 against the US dollar due to dollar buying by importers and banks. Rising crude prices and month-end dollar demand from oil importers weighed on the rupee sentiment, dealers said.
At the interbank forex market, the rupee opened strong at 70.77 against the US dollar, driven by the US Fed’s move to lower its interest rates. The domestic unit, later, gave up gains to settle at 70.92, showing a marginal fall of 2 paise over its previous close.
“The rupee has been trading in the narrow range of 70.68-71.10 for the last seven sessions. After positive opening of 6 paise, the rupee lost ground after Dow index fell in the electronic trade in the second half of the session,” said VK Sharma, Head PCG & Capital Markets Strategy, HDFC Securities
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