Rupee gives up gains to close at 86.57
Indian rupee weakened marginally on Tuesday to close at 86.577 per US dollar, versus previous close of 86.567/$1.
The local currency peaked to 86.282/$1 during the day after US president Donald Trump refrained from imposing tariffs on his first day in office. The rupee, however, gave up its gains after Trump said he was thinking about imposing tariffs on Canada and Mexico.
Intermittent intervention by the Reserve Bank of India helped cap excess losses, traders said.
The dollar index was at 108.73, while yields of the 10 year US Treasury Bills touched 4.57% — a three week low, after reaching highs of 4.80% in the past weeks.
«Persistent dollar buying from foreign portfolio investors and local oil companies put further pressure on the rupee,» a currency dealer with a state run bank said.
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