Rupee trades flat against US dollar on Wednesday
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Indian rupee was trading flat against the US dollar on Wednesday, tracking weak domestic equities and volatility in crude oil prices. India's services PMI data came in weaker than market expectations and indicated a slowdown in the services sector in February. Upcoming non-farm payrolls data in the United States and Federal Reserve Chairman Jerome Powell's testimony before lawmakers are expected to provide further cues on Fed path. Meanwhile, weakness in the US dollar against its major crosses and some fresh inflows of foreign funds have supported rupee. Foreign institutional investors were net buyers in the capital markets on Tuesday as they bought shares worth Rs 574.28 crore, exchange data showed.
The partially convertible currency is currently trading flat at its previous close of 82.90 on Tuesday. The currency touched a high and low of 82.91 and 82.8850 respectively.
