Rupee closes flat at 83.73 against dollar

Mumbai: The rupee closed flat at 83.73 against the US dollar on Tuesday amid a positive trend in domestic markets ahead of the US Fed policy announcement.

At the interbank foreign exchange market, the rupee opened unchanged at 83.73 against the US dollar. It moved in a tight range of 83.71-83.74 during the session.

The domestic currency finally closed flat at 83.73 against the US dollar.

Traders said expectations were high that the Federal Reserve might signal a rate cut as early as September. The US Fed has left the borrowing rates at a near-quarter-century high for the past year in its aggressive fight against inflation.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was flat at 104.56.

Brent crude futures — the global oil benchmark — dipped 0.08 per cent to $79.72 per barrel.

Foreign institutional investors were net sellers in the capital markets on Monday, selling shares worth Rs 2,474.54 crore, according to exchange data.