Rupee trades flat against US dollar on Tuesday
The Indian rupee was trading flat against the US dollar on Tuesday, amidst weaker American currency and lower level of crude oil prices overseas. Meanwhile, investors are awaiting key US inflation print for further insights into the Federal Reserve’s interest rate path. Volatility in domestic equities, uninterrupted outflow of foreign funds from the Indian capital market, and fears of US recession have kept the rupee under pressure. Foreign institutional investors offloaded equities worth Rs 485.41 crore on a net basis on Monday, exchange data showed. Moreover, escalating trade tensions also pressurizing rupee sentiments. China has retaliated against Trump's 20% tariff of Chinese imports with an additional 15% tax on key American farm products, including chicken, pork, soybeans and beef.
The partially convertible currency is currently trading unchanged at its previous close of 87.31 on Monday. The currency touched a high and low of 87.3975 and 87.29 respectively.
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