Indian rupee remains in choppy waters with no clear direction

Mumbai: India's rupee trimmed gains on Wednesday as a choppy share market failed to provide adequate cues on the direction of foreign fund flows.

The partially convertible rupee closed at 49.99/50.01 per dollar, off a high of 49.75 but still 0.3 per cent stronger than its previous close of 50.15/16 on Tuesday, when it had hit a record low of 50.65.

"The market was very dull. There was two-way interest in the market, there was dollar-demand at lower levels," said Agam Gupta, head of forex trading at Standard Chartered Bank.

Other dealers said the stock market failed to provide a clear direction to traders on foreign fund flows.

Indian shares closed mostly unchanged after a see-saw session yesterday as a grim economic outlook overshadowed most of the early gains.