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The rupee ended almost flat at 68.96 per US dollar on Monday as participants preferred to wait on the sidelines to see the outcome of RBI’s first-ever rupee-dollar swap auction.
The forex market sentiment revived towards the fag-end, offsetting early losses amid increased selling of the greenback by exporters, traders said.
At the Interbank Foreign Exchange market, the rupee opened on a weak note at 69.09 then fell further to 69.17 against the US dollar. The local unit, however, erased the initial gains and finished at Rs 68.96, down by just 1 paisa over its previous close.
On Friday, the rupee had ended lower by 12 paise at 68.95 against the American currency on rise in demand for the greenback from importers and sell-off in domestic equities.
The rupee-dollar swap auction announced by the RBI earlier in March will infuse Rs 35,000 crore into the system. The auction of USD 5 billion for a tenure of three years will be conducted on Tuesday.
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