Rupee settles flat as US-China trade talks kept investors edgy

The rupee finally settled at 71.07, unchanged from its previous close.

Rupee pares losses on hope of US-China trade deal; closes 5 paise down

Forex traders said most of the Asian currencies gained against the US dollar on China's offer to buy extra US goods.

Moreover, foreign fund outflows, heavy selling in domestic equities and rising crude oil prices also kept pressure on the Indian rupee.

Forex traders said, the rupee was trading higher as investors believe RBI will go for yet another rate cut to boost economic growth.

Sustained foreign fund outflows and sell-offs in domestic equities put pressure on the forex market, somewhat capping the rupee gains.

At the interbank foreign exchange the rupee opened at 70.75, registering a rise of 12 paise over its previous close.

Forex traders said globally risk appetite has plunged as US-China trade concerns continue to linger.

Rupee closed higher by 0.44 per cent at 70.56 to the US dollar, a level not seen since August 2 when it had ended at 69.60.

Rupee was trading up by 10 paise at 70.78 at 1325 hrs against the dollar which otherwise was ruling high in overseas markets.

Robust buying in domestic equities, fresh foreign fund inflows and easing crude prices also lent support to rupee, forex traders said.