Rupee Ends Flat Against US Dollar - News

Mumbai, Mar 5 (PTI) The rupee settled unchanged at 82.90 against the US dollar on Tuesday amid a strong greenback against major rivals overseas and a negative trend in equity markets.

The Indian currency remained under pressure due to volatile crude oil prices, according to forex traders.

At the interbank foreign exchange market, the local unit opened at 82.90 and oscillated between 82.88 and 82.93 against the greenback during intra-day deals. The currency finally settled flat at 82.90.

On Monday, the rupee settled 1 paise lower at 82.90 against the US dollar.

Jateen Trivedi, VP Research Analyst, LKP Securities, said the rupee maintained a sideways trajectory supported by muted movements in the dollar index.

"Domestic economic strength contributed to rupee stability, while global market uncertainties also played a role in keeping the rupee steady. The broad range for the rupee is expected to persist between 82.70 and 83.20," Trivedi added.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.05 per cent to 103.83.

Brent crude futures, the global oil benchmark, fell 0.05 per cent to USD 82.76 per barrel.

On the domestic equity market front, Sensex declined 195.16 points, or 0.26 per cent, to settle at 73,677.13. The Nifty fell 49.30 points, or 0.22 per cent, to close at 22,356.30.

A monthly survey released on Tuesday showed India's services sector growth moderated in February amid softer expansions in business activity, sales and jobs.

The seasonally adjusted HSBC India Services Business Activity Index registered 60.6 in February, down from 61.8 in January.

Foreign institutional investors (FIIs) were net buyers in the capital markets on Tuesday as they bought shares worth Rs 574.28 crore, according to exchange data.