Rupee ends flat on day, week; cenbank interventions cap pressure
Indian rupee ended nearly unchanged on Friday, managing to hold its ground in the face of weakness in Asian peers and a fall in local stocks, on account of likely dollar sales by the Reserve Bank of India.
The rupee closed at 84.08 against the U.S. dollar, close to its record low and nearly unchanged from its close of 84.0775 in the previous session. The currency was little changed week-on-week.
Benchmark Indian equity indexes, the BSE Sensex and Nifty 50 declined nearly 1% each on Friday to log their fourth consecutive weekly decline amid sustained pressure due to the exodus of foreign money from local equities.
Dollar bids from foreign banks kept the rupee under pressure but state-run banks' «presence on offer (on USD/INR)» kept the rupee in a narrow range, a trader at a foreign bank said.
The currency lingered in an under 2-paisa range through the day's session.
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