Rupee trades flat against US dollar on Friday
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Indian rupee was trading flat against the US dollar on Friday, followed by firm domestic equities after the latest US GDP data showed the world's largest economy grew at a slower pace of 1.3% against the projected 1.6% in the January-March quarter, raising hopes for rate cuts later this year. A downward trend in the crude oil prices supporting rupee. Strong American currency at overseas markets and unabated outflow of foreign capital have kept rupee under pressure. Foreign Institutional Investors were net sellers in the capital markets on Thursday, selling shares worth Rs 3,050.15 crore, exchange data showed. Meanwhile, investors are cautiously awaiting the release of closely watched US inflation data later today.
The partially convertible currency is currently trading almost flat at its previous close of 83.29 on Thursday. The currency touched a high and low of 83.3150 and 83.23 respectively.
