The Indian rupee opened flat at 61.90 per dollar on Tuesday against previous day's closing value of 61.94 a dollar.

The euro clings to modest gains having benefited from a short squeeze following an encouraging rebound in German business sentiment.

Ashutosh Raina of  HDFC Bank said, "The unexpected rate cut by the People's Bank of China (PBoC) coupled with assurances of more stimulus from European Central Bank (ECB) and Bank of Japan (BoJ) have sent most of the global equity markets to their all time highs. Lower oil prices have acted as a catalyst to the prevailing bullish sentiment.”

He further added, “The USD-INR pair has been mostly trading the Rs 61-62/dollar range, tracking the global developments. Strong FII/FDI flows should help the currency."

Source:moneycontrol.com