Indian rupee steady after initial dip

MUMBAI: The Indian rupee held steady on Tuesday after a slight dip at open, while implied volatility eased further as traders awaited key domestic and US events this week.

The currency slipped past 85.50 at open, down about 15 paisa from Monday, hitting a low of 85.56. The currency has been rangebound post that and was last quoting at 85.47 to the US dollar.

“The rupee has been trading in a relatively narrow range last few days, and today appears no different,” said a currency trader at a private bank. “It’s essentially a wait-and-watch scenario now, with markets looking for either flows or headlines to provide a directional cue.”