Rupee trades flat against US dollar on Friday
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Indian rupee is trading flat against the US dollar on Friday tracking massive outflow of foreign funds from capital markets as foreign investors rushed to sell Indian equities as Chinese shares turned bullish after a slew of stimulus measures to revive the economic growth. Foreign Institutional Investors were net sellers in the capital markets on Thursday, offloading shares worth Rs 15,243.27 crore on a net basis in the cash segment, exchange data showed. Foreign Institutional Investors have sold out shares worth over Rs 30,000 crore since Monday. Meanwhile, retreating crude oil prices and a weak American currency against its major rivals have supportive for rupee sentiments. Investors are awaiting the release of US September jobs data due later today for further insights on the pace of rate cuts.
The partially convertible currency is currently trading flat at its previous close of 83.96 on Thursday. The currency touched a high and low of 83.97 and 83.9450 respectively.
