Indian rupee was trading flat against the US dollar on Thursday as the American currency strengthened overseas following the Fed’s rate cut decision. In line with market expectations the Federal Open Market Committee lowered the policy interest rate by 25 basis points to a target range of 1.75 to 2.0 percent, but investors turned cautious after the Federal Open Market Committee indicated the move wasn't to be interpreted as the start of a prolonged easing cycle said it ‘will act as appropriate to sustain the expansion’. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net of Rs 959.09 crore on Wednesday, provisional data showed.
The partially convertible currency is currently trading flat at its previous close of 71.24 on Wednesday. The currency touched a high and low of 71.3700 and 71.1500 respectively. The reference rate for the dollar stood at 71.81 and for Euro stood at 78.96 on September 17, 2019. While the reference rate for the Yen stood at 66.36, the reference rate for the Great Britain Pound (GBP) stood at 89.12.
