Rupee trades flat against US dollar on Wednesday
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Indian rupee was trading flat against the US dollar on Wednesday amid elevated crude oil prices in the international markets on fresh supply concerns following Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East. Meanwhile, positive macroeconomic data and weak American currency following US Federal Reserve’s dovish comments about interest rates have kept rupee unchanged. San Francisco Fed President Mary Daly and Cleveland counterpart Loretta Mester said three reductions were likely over 2024, although there’s no urgency. India's manufacturing sector growth climbed to a 16-year high in March on the back of the strongest increase in output and new orders since October 2020, a monthly survey said on Tuesday. Foreign institutional investors were net sellers in the capital markets on Tuesday as they offloaded shares worth Rs 1,622.69 crore, exchange data showed.
The partially convertible currency is currently trading flat at its previous close of 83.42 on Tuesday. The currency touched a high and low of 83.4375 and 83.3625 respectively.
