Rupee Settles Flat At 84.08/$

Mumbai: The rupee settled flat at 84.08 against the US dollar on Wednesday, facing pressure from a stronger American currency as well as relentless outflow of foreign funds. Forex traders said the lacklustre sentiment in domestic equity markets and volatile geopolitics ahead of the US Presidential election kept investors on the sidelines. At the interbank foreign exchange market, the domestic unit opened at 84.07 against the greenback and traded in a narrow range throughout the session.

The unit finally settled at the previous session’s closing level of 84.08 against the dollar. On Tuesday, the rupee had settled 1paisa lower at 84.08 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. According to analysts, the rupee has been under pressure due to the selling rush by foreign investors in pursuit of better gains from the Chinese market. Also, they said, the US treasury yields surging to record levels raised concerns that the Federal Reserve may slow down its rate cut move, steering investors towards safe-haven assets.