Rupee Ends Flat at 95.89 Despite Initial Gains

The Indian rupee closed unchanged at 95.89 against the US dollar on Friday after initially gaining ground, according to Deccan Herald.

The rupee had opened higher due to a strong domestic equity market and lower crude oil prices, but it gave up its gains as the American currency strengthened.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, stated that the rupee traded flat after opening higher on firm domestic markets and weak crude oil prices. However, it surrendered initial gains on a positive dollar.

Choudhary predicted that traders may take cues from industrial production data from the US, with the USD-INR spot price expected to trade in a range of Rs 95.65 to Rs 96.15.