The Indian rupee gave up its early gains to settle unchanged at 75.78 against the US dollar on Monday as sell-offs in domestic equities and firming crude oil prices weighed on forex market sentiment.
At the interbank foreign exchange market, the local currency opened on a strong note at 75.64 and traded between a high of 75.63 and a low of 75.78 against the US dollar in a highly volatile trading session.
The local unit finally settled at 75.78 a dollar.
"Dollar bulls, broadly, remain in control as rupee consolidated near 75.80 and dollar index near 96. Rupee erased most of early morning gains along with domestic equities ahead of retail inflation data," said Dilip Parmar, Research Analyst, HDFC Securities.