Mumbai: The Indian rupee settled flat at 84.91 against the US dollar on Tuesday, weighed down by disappointing trade balance data and weak domestic markets. Forex traders said the rupee is likely to remain under pressure due to concerns over slowdown in the economy and dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.89 and touched an all-time low of 84.93 against the greenback during intra-day trade. The unit finally ended the session flat at 84.91 against the dollar. On Monday, the rupee depreciated 11 paise to close at an all-time low of 84.91 against the US dollar.

"We expect the rupee to trade with a negative bias on weak domestic markets and concerns over slowdown in the economy. A strong US dollar and FII outflows may further weigh on the rupee," said Anuj Choudhary -- Research Analyst at Sharekhan by BNP Paribas.

Source: PTI