Rupee Retreats Amid Strong Dollar Demand, Lower Oil Prices

The Indian rupee ended Monday's trading session little changed, retreating from a three-week high it hit in early trade. This reversal came as dollar demand from importers and state-run banks picked up pace, which blunted the boost from lower oil prices.

Brent crude prices had slumped after US President Donald Trump called off an imminent attack against Iran in hopes of quickly reaching a deal. However, talks between Washington and Tehran scheduled for Monday lifted global stocks, including those in Mumbai.

A trader at a Mumbai-based bank noted that 'there were very strong dollar bids around 95.15 levels from state-run banks, likely on behalf of clients.'