The rupee gave up most of the day's gains to end almost unchanged on Monday, as a watchful central bank continued its dollar buying intervention to keep appreciation in the local currency from hurting Indian exports. The rupee closed at 43.7300/7350 per dollar, 0.06 percent stronger than Friday's 43.75/76 close, but well off its session peak of 43.6750. Foreign funds have been flowing into India's stock market, with net purchases so far this year at more than a quarter of the record $8.5 billion overseas investors bought in 2004.
The Reserve Bank of India has been absorbing a bulk of the inflows since early February, after they propelled the rupee to a five-year peak of 43.30.
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