Rupee pares losses to settle flat at 76.18 against US dollarThe rupee reversed its initial losses to recover entirely and settle flat against the US dollar on Tuesday, during a volatile session tracking oil prices make a U-turn and fall.
Domestic bourses turning to end in the green also helped the currency.After having weakened to 76.48 in the day, the energy-sensitive currency recouped those losses to close around 76.18 a dollar, where it ended on Monday.Tracking the pull and push in oil prices and equity markets on concerns over global oil supplies, and then the reversal in those assets' fortunes, the rupee strengthened to 76.10 at one point during the session.The rupee gained 34 paise to close at 76.18 against the greenback on Monday.The benchmark Brent crude futures fell to about $115 per barrel after rising close to $120 earlier on Tuesday, a day after soaring more than 7 per cent in the previous session.Indian equity benchmark indices recovered from intraday losses during late deals to end higher on Tuesday.
The Sensex recovered on late buying and surged 697 Points, while the Nifty settled above 17,300.Still, constant capital outflows have pressured the rupee in recent weeks.According to stock exchange data, foreign institutional investors (FIIs) remained net sellers in the capital market on Monday as they offloaded shares worth Rs 2,962.12 crore.