Rupee trades flat against US dollar on Friday
Indian rupee was trading flat against the US dollar on Friday tracking weak domestic equities ahead of July US jobs report due later today alongside remarks from Fed policymakers, while worries about recession in the United States after weak US manufacturing data makes rupee under pressure. Rising crude oil prices overseas also pressurizing rupee sentiments. A monthly survey released on Thursday showed India's manufacturing sector growth eased slightly to 58.1 in July from 58.3 in June. Meanwhile, weakness in American currency, foreign fund inflows and a likely intervention from the Reserve Bank of India have supporting rupee. Foreign institutional investors were net buyers in the capital markets on Thursday and bought shares worth Rs 2,089.28 crore, exchange data showed.
The partially convertible currency is currently trading flat at its previous close of 83.7375 on Thursday. The currency touched a high and low of 83.7450 and 83.7250 respectively.
