USD/INR close at 68.88 against its open at 68.56. Dollar/rupee traded down, on FII inflows into local stocks, after opening little changed Monday as an upward revision in Chinese Yuan got offset by a strong dollar and oil bids.
China's central bank took steps to try to drag the Yuan away from 14-month lows, but the tit-for-tat conflict over Sino-US trade hung heavily on markets.
The People's Bank of China late on Friday raised the reserve requirement on foreign exchange forward positions, making it more expensive to bet against the Chinese currency.
Initial dips are accredited to the upward revision of Yuan, while strong dollar and some oil bids keep the market steady. The pair may mostly remain in a narrow range as there are no major triggers to provide direction.
Over the day, dealers expect the currency pair to move slightly upward tracking a strong greenback with foreign banks buying and steady oil prices.
The greenback traded firm against other major currencies as a steady growth in US jobs numbers in consecutive session despite missing expectation, reinforced investors' expectations the Federal Reserve will gradually raise interest rates this year.
Sensex provisionally ends 139 points higher with 15 components in the green.