Rupee little changed on equity market woes, stronger dollar

MUMBAI : The Indian rupee moved in a tight range against the greenback on Friday, as local equities sank, while the dollar index edged higher after U.S. economic data kept up rate hike hopes.

Custodial banks are on the bid on USD/INR, likely on behalf of their clients, a trader at a private bank said. There was also fix-related dollar demand, another dealer said. Foreign investors offloaded $292 million worth of Indian shares on a net basis on Wednesday, preliminary exchange data showed. Meanwhile, the U.S. core personal consumption expenditure , the Fed's preferred inflation measure, eased to 3.9 per cent in the December quarter, from 4.7 per cent in the prior quarter.

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