Indian rupee was trading flat against the US dollar on Wednesday on account of fears of economic slowdown and expectations of peak Current Account Deficit of 3% of GDP in the ongoing financial year. Meanwhile, overnight fall in crude oil prices supported rupee. Foreign Institutional Investors (FIIs) also turned net buyers after a long gap in the capital market as they purchased shares worth Rs 1,295.84 crore on Tuesday, exchange data showed. On the global front, US dollar holding at multi-month highs against other major peers as higher gas prices and political uncertainty renewed recession fears and sent investors scrambling to the safe-haven currency.
The partially convertible currency is currently trading flat at its previous close of 79.33 on Tuesday. The currency touched a high and low of 79.3750 and 79.24 respectively.
