Rupee trades almost flat against US dollar on Friday

The Indian rupee was trading almost steady against the US dollar on Friday as the American currency weakened against other currencies overseas. While sustained foreign fund outflows and firm crude oil prices added pressure to the local unit. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 126.65 crore Thursday, as per provisional data. Also, cautious opening in domestic equities too pressurized the rupee. On the global front, the dollar traded near a two-week high versus the yen as investors pared expectations for aggressive Federal Reserve interest rate cuts ahead of key US economic data due later in the day. The euro held gains after European Central Bank (ECB) kept policy unchanged, disappointing some market participants who had bet on a possible easing.

The partially convertible currency is currently trading at 69.03, stronger by 1 paisa from its previous close of 69.04 on Thursday. The currency touched a high and low of 69.1400 and 69.0200 respectively. The reference rate for the dollar stood at 69.01 and for Euro stood at 76.96 on July 24, 2019. While the reference rate for the Yen stood at 63.83, the reference rate for the Great Britain Pound (GBP) stood at 85.88.

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