Rupee closes flat, wedged between inflows and local oil companies’ dollar demand

The Indian rupee ended flat on Tuesday after drifting in a tight band throughout the session as dollar demand from domestic oil companies eroded room for gains on the back of sustained inflows. The rupee closed at 82.8975 against the U.S. dollar, barely changed from its close of 82.89 in the previous session. While two large foreign banks were spotted offering dollars in Tuesday's session, consistent bids from domestic oil companies contributed to keeping the rupee in a narrow range, a foreign exchange trader at a private bank said.