Indian Rupee is witnessing muted moves today as the New Year stated on a cautious note for the local currency after recent declines. Firm local equities are also providing some support and the INR currently quotes flat at 85.64 per US dollar. The Indian rupee added to its losing spree and fell 12 paise on the day to an all-time closing low of 85.65 against the US dollar on Tuesday amid a weary undertone in local stocks. Rupee has been hurt heavily in recent months amid hefty foreign fund outflows, a firm US dollar and slowdown in economic growth. The rupee has depreciated for seven straight years now.
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