Rupee Closes Flat Against Dollar

The Indian rupee closed flat on Tuesday amid a marginal rise in crude oil prices and a firm US dollar index.

The local currency ended at Rs 83.51 against the dollar, according to Bloomberg data. It had closed at Rs 83.52 on Monday.

Selling of equities by foreign portfolio investors and buying dollars may continue and the rupee can be in a narrow range of 83.45 to 83.55, according to Anil Bhansali, executive director at Finrex Treasury Advisors LLP.

Investors will monitor the US producer price index figure on Tuesday and for directional moves, the US consumer price index may remain crucial, according to Kunal Sodhani, vice president at Shinhan Bank.