Rupee trades flat against US dollar on Tuesday

The Indian rupee was trading flat against the US dollar on Tuesday as the country’s exports entered negative zone after a gap of eight months recording a decline of 9.71 percent to $25.01 billion in June. Imports also declined 9 percent to $40.29 billion in June mainly due to falling prices of petroleum products, leaving a trade deficit of $15.28 billion. Meanwhile, foreign institutional investors (FIIs) pulled out Rs 216.44 crore on a net basis Monday, provisional data showed. On the global front, the dollar fought for traction against the yen as the prospect of a Federal Reserve interest rate cut later in the month continued to keep the greenback on the defensive.

The partially convertible currency is currently trading flat at its previous close of 68.54 on Monday. The currency touched a high and low of 68.5900 and 68.5275 respectively. The reference rate for the dollar stood at 68.58 and for Euro stood at 77.29 on July 12, 2019. While the reference rate for the Yen stood at 63.30, the reference rate for the Great Britain Pound (GBP) stood at 86.01.

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