Rupee settles flat at 84.29 against dollar

Mumbai: Rupee paired all its intra-day losses and settled flat at 84.29 against US dollar on Tuesday on the back of sustained inflow of foreign funds in domestic equity markets, resisting pressure from a stronger greenback.

Forex traders said US President elect Donald Trump’s comments that he would impose additional 10 per cent tariffs on Chinese goods and impose a 25 per cent levy on imports from Mexico and Canada has affected risk sentiment.

Traders are also awaiting the Federal Open Market Committee (FOMC) minutes of the November 7 meeting for further cues.

At the interbank foreign exchange, the rupee opened at 84.27 and touched an intra-day high of 84.22 and low of 84.35 against the greenback. The unit ended the session at 84.29 against the dollar, the previous session’s closing level.

On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.06 per cent at 106.87.