Rupee trades flat against the US dollar on Wednesday
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Indian rupee was trading flat against the US dollar on Wednesday due to weak trend in domestic equities as hotter than expected US inflation figures dented expectations on early interest rate cuts by the US Federal Reserve. The Bureau of Labor Statistics reported that the consumer price index climbed 3.1% year over year in January, beating estimates at 2.9%. Meanwhile, Foreign Institutional Investors were net buyers in the capital markets on Tuesday as they purchased shares worth Rs 376.32 crore, exchange data showed.
The partially convertible currency is currently trading flat at its previous close of 83.0850 on Tuesday. The currency touched a high and low of 83.12 and 83.0725 respectively.
