Rupee trades flat against US dollar in early trade on Tuesday
Indian rupee was trading flat against the US dollar in early trade on Tuesday tracking the strength of the American currency in overseas markets after US data showed the world's largest economy created a lot more jobs than expected in May. Markets are awaiting the US CPI for May and the Federal Reserve interest rate decision both due on Wednesday, and expecting no change in the current 5.25%-5.5% interest rate. Meanwhile, rising crude oil prices put pressure on rupee. Continuous intervention by the Reserve Bank of India has stabilized the local currency. Foreign Institutional Investors were net buyers in the capital markets on Monday, as they purchased shares worth Rs 2,572.38 crore, exchange data showed.
The partially convertible currency is currently trading flat at its previous close of 83.50 on Monday. The currency touched a high and low of 83.5050 and 83.49 respectively.
