Rupee trades flat against US dollar in early trade on Wednesday
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Indian rupee was trading flat against the US dollar in early trade on Wednesday ahead of the US Fed’s interest rate announcement later in the day. The US Federal Reserve is expected to keep current interest rates unchanged and might signal a rate cut as early as September. Rising crude oil prices and foreign fund outflows have kept sentiments under pressure. Foreign institutional investors were net sellers in the capital markets on Tuesday, offloaded shares worth Rs 5,598.64 crore, exchange data showed. Meanwhile, weakness in American currency supported the local unit.
The partially convertible currency is currently trading flat at its previous close of 83.73 on Tuesday. The currency touched a high and low of 83.74 and 83.70 respectively.
