MUMBAI: The Indian rupee closed nearly unchanged on Wednesday, as dollar sales by state-run banks helped the currency withstand pressure from equity outflows and persistent strength in the US dollar.
The rupee closed at 84.3775 against the dollar, compared to its previous closing level of 84.3925.
The currency lingered in an under-3 paisa band through the session after having dipped to its all-time low of 84.4125 on Tuesday.
Foreign banks were spotted bidding for dollars, likely on behalf of custodial clients, while state-run banks were on offer “pretty much through the session,” a trader at a foreign bank said.
India’s benchmark indexes BSE Sensex and Nifty 50 also closed lower by over 1% each. The Nifty slipped into correction territory, having declined over 10% from a record high hit in late-September.
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