Rupee trades almost flat against US dollar on Monday
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Indian rupee was trading almost flat with negative bias against the US dollar on Monday following foreign fund outflows in the capital market. Foreign Institutional Investors (FIIs) were net sellers in the capital market on Friday, as they offloaded shares worth Rs 575.04 crore, exchange data showed. Meanwhile, crude oil prices are subdued after world consumers announced plans to release a record volume of crude and oil products from their strategic stocks. The Reserve Bank of India raised its estimate for inflation in FY23 to 5.7%, from the 4.5% forecast in February before Russia invaded Ukraine, and stated that it would now focus on the withdrawal of accommodation to ensure that inflation remains within the target going forward. On the global front, US dollar remains supported by the prospect of a more aggressive pace of Federal Reserve interest rates hikes.
The partially convertible currency is currently trading at 75.94, weaker by 1 paise from its previous close of 75.93 on Friday. The currency touched a high and low of 75.96 and 75.7925 respectively.
