The Indian rupee closed flat against the U.S. dollar on Tuesday as a fall in the dollar index offset the impact of the rise in crude oil prices.
The local currency ended at Rs 82.90 against the greenback, unchanged from Monday's close, according to Bloomberg.
"The Indian rupee is expected to be range bound today also as it has been in small ranges for the past week," Anil Bhansali, executive director at Finrex Treasury Advisors LLP, said. RBI is expected to absorb all inflows that are flowing into the market."
"The rupee is expected to trade within a narrow range of Rs 82.80-83.10. However, a breach of the Rs 82.80 level could indicate a significant appreciation towards Rs 82.50–82.20," Amit Pabari, managing director at CR Forex Advisors, said.
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