The Indian rupee is trading flat against the US dollar in early trade on Monday, amid a strong dollar overseas and simmering geopolitical tensions. Some support came after India's forex reserves jumped $9.905 billion to $716.907 billion during the week ended August 14, the Reserve Bank of India (RBI) said on Friday. Meanwhile, the RBI stated that it had garnered nearly $73 billion through measures introduced in June to strengthen the balance of payments, boosting its capacity to support the rupee. Although, investors remain cautious as Washington is set to unveil a fresh wave of sanctions on Iran, targeting its oil trade, banking network and shipping routes. Foreign institutional investors offloaded equities worth Rs 542.71 crore on a net basis on Friday, exchange data showed.
The partially convertible currency is currently flat at its previous close of 95.71 on Friday. The currency touched a high and low of 95.72 and 95.64 respectively.