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 ahead of India's trade balance data due later in the day. Meanwhile, foreign fund outflows and strength of the American currency at overseas markets following hawkish Federal Reserve interest rate projections, also kept rupee under pressure. US Federal Reserve officials said that inflation has fallen further toward their target level in recent months but signalled that they expect to cut their benchmark interest rate just once this year. Foreign Institutional Investors were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 3,033.00 crore, exchange data showed.
The partially convertible currency is currently trading flat at its previous close of 83.54 on Thursday. The currency touched a high and low of 83.5450 and 83.5250 respectively.
