The Indian rupee ended nearly flat on Wednesday as U.S. dollar demand from importers and foreign banks eroded the currency's early gains that came due to growing expectations of rate cuts by the Federal Reserve.
The rupee closed at 83.9475 against the dollar, little changed from its close at 83.97 in the previous session.
While the currency rose to a high of 83.9025 early in the session, traders said it succumbed to pressure from dollar bids by foreign banks and importers.
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