MUMBAI: The rupee may tread carefully in early trade on Tuesday, with traders waiting for the stock market opening for directional cues and wary of central bank intervention as the currency trades near 10-year highs.
The partially convertible rupee ended at 39.29/31 per dollar on Monday, off an intraday peak of 39.20 but stronger than Friday's close of 39.34/35.
Traders said central bank intervened on Monday as the rupee headed towards its November peak of 39.16, which was its highest level in almost 10 years.
Traders said expected heavy capital inflows for share offerings later this month would add to the pressure on the rupee to rise.
Reliance Power, 50 percent owned by utility Reliance Energy Ltd, will launch an initial public offer on Jan. 15 to raise up to $3 billion, which would be India's biggest-ever IPO.
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