Rupee surrenders early gains to close flat vs US dollar

The rupee today washed out initial gains in tandem with local equities and closed flat at 61.19 against the dollar on alternate bouts of buying and selling.
An early rally in domestic stocks amid increased capital inflows helped the rupee to resume higher at 61.02 from last Friday's close of 61.19 at the International Forex Exchange (Forex) market.
It later improved further a high of 60.88. However, it fell back on late selling in share markets and dropped to a low of 61.22, before concluding at last weekend's close of 61.19. Dollar demand from importers also later weighed on the rupee, a forex dealer said.

Yesterday, the forex market was closed.
The Indian equity benchmark S&P BSE Sensex, which was up by over 230 points, closed up by a mere 22.81 points or 0.1 per cent on late profit-booking. FIIs picked up shares worth a net Rs 982.19 crore last Friday.
The dollar index was up by 0.05 per cent against its major global rivals on waning investor concerns over Ukraine.
Dollar demand in the local market and cautiousness ahead of the two day FOMC meeting affected the rupee, said traders.
Technically, 60.80 has been the strong support level for the USDINR pair, said Abhishek Goenka, Founder and CEO, India Forex Advisors.