The Indian rupee ended largely unchanged on Thursday, as likely outflows from local equities prevented it from mirroring the rise in its Asian peers, although state-run banks' dollar sales helped keep the currency above its all-time low.

The rupee stayed in a straightjacket for yet another week, trading at its near all-time low of 84.07 against the US dollar on Friday (October 25, 2024) amid firm American currency and unprecedented foreign fund outflow. Forex traders said, the indication of some recovery in domestic equity markets prevented the fall in the local unit.

Analysts said the selling rush by foreign investors in pursuit of better gains from the Chinese market has been preventing the rupee's recovery, while higher US treasury yields have triggered the fear of slower interest rate cut by the Federal Reserve.

The Indian rupee held its ground on Wednesday, supported by mild dollar sales by state-run banks that also blunted the impact of rising U.S. bond yields, which dragged the local currency's regional peers lower.