Mumbai, May 18: Moving in tandem with stock markets, the Indian rupee today gained two paise against the US dollar to close at 45.59/60.
Dealers in foreign exchange said in the absence of clear directions, there was alternate bouts of dollar buying and selling which trapped the local currency in a narrow range.
At the Interbank Foreign Exchange (Forex) market, the domestic unit opened stable at 45.60/61. In late morning deals, it touched a low of 45.70. Sustained dollar buying by importers put pressure on the rupee at initial stages.
The domestic unit bounced back to a high of 45.52 becore concluding the day at 45.59/60. Dollar selling by exporters at the fag end too aided the rupee sentiment.
Dealers said the rupee moved in tandem with stocks. The benchmark Sensex after swining between the red and the green, ended up by over 40 points or 0.
–Agencies