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Indian rupee was trading flat against US dollar on Thursday as muted domestic equities following fund outflows from foreign institutional investors. Foreign Institutional Investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,001.57 crore on Wednesday, exchange data showed. On the domestic macroeconomic front, India’s Index of Industrial Production (IIP) remained muted for the third straight month in November 2021; while retail inflation rose to a six-month high of 5.59 percent in December, up from November’s 4.9 percent. Less hawkish-than-expected statement from Fed Chairman Jerome Powell subdued fears of aggressive policy tightening and supported emerging market currencies.

The partially convertible currency is currently trading at its previous close of 73.93 on Wednesday. The currency touched a high and low of 73.9700 and 73.8950 respectively.