Rupee holds ground; cenbank intervention counters outflows, dip in Asia FX
portfolio outflows and a decline in most Asian currencies weighed on the local unit.
The rupee closed at 84.3850 against the U.S. dollar, nearly unchanged from its close of 84.3950 in the previous session.
The currency hovered in a 2-paisa band through the day while its regional peers were down between 0.1% to 0.3%.
Asian currencies had kicked off Monday's trading session on a positive note but most were unable to hold onto their gains through the session. The dollar index was steady at 106.7.
Dollar sales by state-run banks, on behalf of the Reserve Bank of India (RBI), helped the rupee avoid losses, traders said.
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