Rupee trades flat against US dollar on Monday
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Indian rupee was trading flat against the US dollar on Monday following weak domestic equities, rising crude oil prices and persistent foreign fund outflows due to uncertainty over the US presidential election and the Federal Reserve's monetary policy decision. Foreign institutional investors were net sellers in the capital markets on Friday, as they offloaded shares worth Rs 211.93 crore, exchange data showed. India's forex reserves dropped by $3.463 billion to $684.805 billion in the week ended October 25, the RBI said on Friday. Meanwhile, a weaker dollar overseas and any intervention by the Reserve Bank of India also supported the domestic currency at lower levels. The Forex market remained shut on Friday on account of Diwali holiday.
The partially convertible currency is currently trading flat at its previous close of 84.07 on Thursday. The currency touched a high and low of 84.08 and 84.0675 respectively.
