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Reliance Securities Report
The Indian rupee erased the intraday gains and ended near the day's low against the dollar, probably on the back of Reserve Bank of India's presence and month-end demand from importers.
The rupee was quoted at 72.61 to the dollar compared with 72.44 in the previous session.
Initially, the local unit strengthened to 72.36 against the dollar tracking positive domestic equities improved sentiments back home due to a steady decline in Covid-19 cases.
The Indian economy grew 1.6% in the January-March quarter of 2020-21, signalling a sharp recovery that started after two consecutive quarters of contraction due to the impact of the strict lockdown.
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