Indian rupee holds ground against dollar

MUMBAI: The Indian rupee ended nearly unchanged on Monday, supported by the central bank’s market intervention as portfolio outflows and a decline in most Asian currencies weighed on the local unit.

The rupee closed at 84.3850 against the US dollar, nearly unchanged from its close of 84.3950 in the previous session.

The currency hovered in a 2-paisa band through the day while its regional peers were down between 0.1% to 0.3%. Asian currencies had kicked off Monday’s trading session on a positive note but most were unable to hold onto their gains through the session. The dollar index was steady at 106.7.

Dollar sales by state-run banks, on behalf of the Reserve Bank of India (RBI), helped the rupee avoid losses, traders said.