Rupee trades flat after yesterday's drubbing

Indian Rupee is trading in a very thin range today as supportive equities offered some support for the currency after it took a battering in last session. INR lost around 40 paise against the dollar on Tuesday, recording its worst single-day percentage fall since February last year after the results of the Lok Sabha elections showed narrower majority for the National Democratic Alliance (NDA). However, the local equities pulled up with the benchmark NIFTY50 bouncing from a four month low and hitting highs above 22900 mark in todays session. Rupee is currently trading flat at 83.46 per US dollar. The US dollar index is staying lax this week, consolidating around 104 mark, capping losses in INR. Local market is also eying the outcome of RBIs monetary policy meet tomorrow.

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