Indian Rupee eases after recent gains

Indian rupee slipped today, giving up after recent rebound took it near three week high against the US dollar. Quarter and year end trades saw steady demand for the dollar and INR eased 12 paise to 89.75 per US dollar. The INR has been under stress recently but sustained uptick in equities recently and comfortable forex cover could cap losses now. India's forex reserves jumped by $1.689 billion to $688.949 billion during the week ended December 12, the Reserve Bank of India said last week. The US dollar index trades well under 98 mark today, lingering around ten-week low.

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