INR settles on flat note; firm greenback weighs
Mumbai, Sept. 29 -- The Indian rupee settled on a flat note on Tuesday, just a tad over the psychologically important 96 per dollar level, driven by possible RBI intervention and a pull-back in oil prices following hopes of negotiations between the US and Iran. Rupee was capped by US dollar demand from local importers and a stronger greenback. Additionally, the Reserve Bank of India (RBI) is likely to intervene as the rupee approaches the 96 level against the American currency. Indian shares closed weak on Tuesday, extending recent losses, amid concerns about inflation due to elevated oil prices. Sustained selling by foreign portfolio investors weighed as well on stocks, while data showing an acceleration in India's industrial production ...
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