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Reliance Securities Report
The Indian rupee reversed intraday gains and ended flat against the dollar on Tuesday as strong dollar bids offset large outflows.
According to media reports, India needs to pay around $1 billion to Cairn India, and the outflow is expected over the next few days.
The rupee ended at 75.44 to the dollar compared to 75.42 in the previous session. The local unit briefly appreciated to an intraday high to 75.27 earlier, tracking gains in the Asian currencies and China’s moves to support its economy after the People’s Bank of China cut the required reserve ratio by 50 basis points.
India's benchmark S&P BSE Sensex ended 1.6% higher and lent support. However, the local unit but gave up all its gains to test an intraday low 75.50 amid continued selling of Indian equities by foreign investors.
The dollar Index rebounded, tracking gains in the U.S. bonds.
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