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Rupee surrenders gains

MUMBAI: Despite a lingering weak dollar and robust foreign institutional investment inflows, the rupee on Tuesday declined and surrendered sharp overnight gains due to hectic dollar demand from state-run banks, possibly at the behest of the central bank to prevent a further rally.

In moderately active trading at the interbank foreign exchange market, the rupee closed at 44.93/94 a dollar, steeply lower from Monday's close of 44.87/88 after hitting a session low of 44.97/98. It opened weak at 44.92/94. — PTI

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