Rupee trades flat against US dollar on Monday
Indian rupee was trading flat against the US dollar on Monday tracking weakness in the American currency at overseas markets, while investors are focusing on Fed’s interest rate decision this week. Friday’s US PCE price index data cemented expectations for coming cuts to US interest rates. Strong domestic equities and hopes of fresh foreign inflows have supported rupee sentiments. Foreign institutional investors were net buyers in the capital markets on Friday as they purchased shares worth Rs 2,546.38 crore, exchange data showed. India's forex reserves had jumped $4 billion to reach an all-time high of $670.857 billion for the week ended July 19, the Reserve Bank data showed.
The partially convertible currency is currently trading flat at its previous close of 83.73 on Friday. The currency touched a high and low of 83.73 and 83.7050 respectively.
