The currency was weighed down by dollar demand from local oil companies. Thai baht and Chinese yuan weaken. Importers pressure rupee. Forex trader mentions foreign banks selling dollars. Derivative contracts cause turmoil.
The Indian rupee ended little changed on Tuesday after hovering in a tight band through the session as dollar sales by exporters helped offset weakness in the currency s Asian peers.
The Indian rupee closed stronger on Tuesday, as likely central bank intervention and an uptick in Asian peers helped it recover from last week s record lows.
The Indian rupee closed at its strongest level in more than five months on Thursday, aided by an uptick in its Asian peers and on the back of dollar inflows into the domestic share and bond markets.
The Indian rupee ended little changed on Tuesday despite rising to its highest in nearly three weeks in the session as dollar demand from state-run banks, likely on behalf of importer clients, eroded the local unit s gains, traders said.