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The rupee Wednesday ended almost flat at 71.56 against the US dollar as participants preferred to wait for the Reserve Bank’s interest rate decision for further cues.
The domestic currency has been trading in a narrow range ahead of RBI’s monetary policy meeting outcome, scheduled for February 7.
At the Interbank Foreign Exchange market, the rupee moved between 71.68 to 71.49 during the session, before finally ending at 71.56, showing a gain of just 1 paise.
On Tuesday, the rupee had settled 23 paise higher at 71.57 against the greenback.
“This week, there are relatively thin volume trades in currency markets, as many Asian markets are shut on Lunar New Year,” HDFC Securities Head, PCG and Capital Markets Strategy, V K Sharma said.
He added that volatility for the USD-INR pair could be confined to a narrow range until the release of the policy statement.
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