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Forex Market: Indian rupee turns flat against US dollar

Mumbai: The Indian rupee turned flat against the US dollar in early trade on Friday. The  elevated crude oil prices and the outflow of foreign capital from domestic equity markets weighed upon the Indian currency. However, a positive sentiment in the domestic as well as global equity markets and a weak American currency supported the rupee.

At the interbank foreign exchange, the Indian rupee opened at 83.93 and slipped to its previous session’s closing level of 83.94 against the US dollar. On Wednesday, the rupee settled 3 paise higher at 83.94 against the US dollar. The forex markets were closed on Thursday on account of the Independence Day.

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Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading marginally lower by 0.01 per cent at 102.80. Foreign institutional investors (FIIs) were net sellers in the Indian capital markets on Wednesday, as they offloaded shares worth Rs 2,595.27 crore.

On the domestic macroeconomic front, wholesale inflation fell to a 3-month low of 2.04 per cent in July. India’s exports contracted 1.2 per cent to $33.98 billion in July, while the trade deficit widened to $ 23.5 billion.

 

 

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