Rupee turns flat at 84.07 against US dollar in early trade
rupee stayed flat at 84.07 against the US dollar in early trade on Thursday amid elevated crude oil prices and continuous withdrawal of foreign funds from capital market. However, the local unit found some cushion as the dollar retreated from its higher level while the domestic equity markets indicated a recovery, forex traders said.
At the interbank foreign exchange, the rupee opened at 84.06 against the greenback and slipped 1 paisa to trade at previous day's closing level in initial deals.
On Wednesday, the rupee had settled with a marginal gain of 1 paisa at 84.07 against the US dollar.
The local currency has been struggling to recover since October 11, when it closed at its lowest level of 84.10 against the dollar.
Analysts said the selling rush by foreign investors in pursuit of better gains from the Chinese market has been preventing rupee's recovery, while higher US treasury yields has triggered the fear of slower interest rate cut by the Federal Reserve.
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