RTRS: Indian rupee trims gains as shares disappoint
The Indian rupee backed off early highs on Monday as a choppy share market failed to give clear direction on foreign fund flows, but the dollar's weakness against majors helped sentiment for the local unit.
The partially convertible rupee closed at 48.70/71 per dollar, 0.2 percent stronger than Friday's close of 48.78/80 but off a high of 48.5050.
"There was good two-way interest in the market today," a dealer with a foreign bank said. "There were importers buying dollars and exporters selling.
"The rupee is likely to hold in a broad range of 48.20 to 49.20 for some time now, unless it breaks out either way, it is unlikely to move much," he added.
Indian shares .BSESN seesawed and ended little changed as investors awaited cues from the incoming U.S. administration and braced for dismal quarterly earnings, especially from the auto sector.
