Rupee trades flat against US dollar in early trade on Friday
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Indian rupee was trading flat against the US dollar in early trade on Friday tracking muted American currency at overseas markets. Firm domestic equities and hopes of interest rate cut by the US Federal Reserve by September after softer-than-expected US consumer price index inflation data, have supported the rupee. Meanwhile, firm crude oil prices and foreign fund outflows have put pressure on the local unit. Foreign institutional investors were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,137.01 crore, exchange data showed.
The partially convertible currency is currently trading flat at its previous close of 83.53 on Thursday. The currency touched a high and low of 83.5450 and 83.5050 respectively.
