Indian rupee trades flat against US dollar on Wednesday
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Indian rupee was trading flat against the US dollar on Wednesday tracking stronger American currency overseas following prospects of interest rate hikes from United States. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 4,477.06 crore on Tuesday, exchange data showed. Meanwhile, firm domestic equities and lower crude oil prices have supported rupee. On the global front, the US dollar paused after a surge following the reappointment of US Federal Reserve chair Jerome Powell for a second term which reinforced market expectations for higher interest rates in 2022.
The partially convertible currency is currently trading flat at its previous close of 74.42 on Tuesday. The currency touched a high and low of 74.5450 and 74.4100 respectively.
