Rupee trades flat at 58.91 to the dollar

The rupee was trading flat at Rs 58.91 to the dollar in early trade. The currency had closed at 58.93 on Wednesday.

In fact, on Wednesday the currency rose for the first time in four days and closed 11 paise higher. The rupee is likely to remain steady in the next weeks given the absence of any major triggers. Foreign fund flows into Indian equities has also dried up and the last few days has seen sell figures by foreign funds.

The next big trigger for the currency is likely to be the Union Budget expected in the month of July. In the meantime the currency markets are likely to remain steady and track global events for cues. Check rupee rates here

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