Rupee trades flat at 58.47 to the dollar

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Rupee trades flat at 58.47 to the dollar
The rupee opened the day flat at 58.47 to the dollar with global cues little changed over Thursday.

The rupee has closed at the same level on Thursday. The Indian currency is likely to stay directionless against the dollar in the absence of any major cues. Dealers say that the currency would continue to rule steady and the next big trigger for the currency would be the Union Budget which is likely in July.

The RBI according to reports has been mopping the huge dollar inflows into the market, in a move aimed at preventing gains in the rupee.

It's likely the central bank would continue to buy dollars to boost its own currency reserves and to help prevent gains in the rupee. This is largely to help exporters, which could be badly hit if the rupee continues to appreciate. Check currency rates here

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