Indian rupee ends tad higher

MUMBAI: The Indian rupee ended modestly stronger on Wednesday as strong dollar demand from state-run and foreign banks eroded positive cues due to broader weakness in the greenback, which helped lift most Asian currencies.

The rupee swung between gains and losses through Wednesday’s session before ending a tad higher at 85.27 against its close at 85.33 in the previous session.

The currency touched a peak of 85.07 in early trade before falling to a low of 85.51 due to persistent dollar bids from a large state-run bank and a clutch of foreign banks, a foreign exchange trader at a Mumbai-based bank said.

Modest outflows also weighed on the rupee towards the close of the session, the trader added.