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Indian rupee ends flat as stock slump, importer hedging erodes bounce
MUMBAI: The Indian rupee closed nearly unchanged on Monday, erasing modest early gains after local stocks slumped and importers stepped in to buy dollars over a largely subdued trading session. The Indian rupee hovered between 94.76 and 94.96 through the day before closing the session at 94.9250, nearly flat compared with its closing level on Friday. India’s benchmark stock gauge, the Nifty 50, fell over 1%, pressured by weakness in heavyweight information technology and financials stocks, both of which are among the sectors most heavily owned by foreign investors. Traders said importers’ doll...
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