Rupee ends nearly flat at 71.28 against US dollar

The Indian rupee on Tuesday settled almost flat at 71.28 (provisional) against the US dollar ahead of release of the key domestic macro-economic data.

Forex traders said the rupee continued to consolidate in a narrow range ahead of inflation and industrial production number that will be released on Wednesday.

At the interbank foreign exchange market, the local currency opened on a positive note at 71.23. During the day, it saw a high of 71.19 and a low of 71.33.

The Indian currency finally settled at 71.28, higher by 2 paise against its previous close.

The domestic unit had settled at 71.30 against the American currency on Monday.

"Expectation is that inflation could inch higher and the same time IIP could witness slower growth. Weaker-than-expected number could keep the currency under pressure. We expect the USD/INR (Spot) to quote in the range of 71.25 and 71.80," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.