Market News
Rupee ends nearly flat, wedged between competing merchant flows - REUTERS
MUMBAI, Nov 19 (Reuters) - The rupee closed nearly unchanged on Wednesday, easing off a two-week high as importer dollar demand ate into gains spurred by a pick up in exporter flows and a mildly bullish bias among interbank traders.
The rupee ended the session at 88.5875 against the U.S. dollar, up marginally from its close of 88.6050 in the previous session.
The currency climbed to a peak of 88.4250 in early trading, but shed much of its gains in the latter half of the session. A trader at a private bank cited dollar demand from importers and modest portfolio outflows as key contributors to the pressure.
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