Rupee closes flat at 93.53 against dollar

Mumbai: The rupee breached the 94-level against the US dollar for first time on Monday, before closing flat at 93.53, amid a correction in global crude prices.

At the interbank foreign exchange, the local unit opened at 93.84 and breached the 94-mark against the US dollar for the first time in intraday trade. However, the unit recovered all lost ground to settle unchanged at 93.53.

The rupee went past the 93-mark against the greenback on Friday after crashing 64 paise to settle at 93.53.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.14 per cent higher at 99.78. India’s forex reserves dropped $7.052 billion to $709.759 billion during the week ended March 13, the RBI said on Friday.