Rupee turns flat at 84.07 against US dollar in early trade

rupee stayed flat at 84.07 against US dollar in early tre on Thursday amid elevated crude oil prices and continuous withdrawal of foreign funds from capital market.

However, local unit found some cushion as dollar retreated from its higher level while domestic equity markets indicated a recovery, forex trers said.

At interbank foreign exchange, rupee opened at 84.06 against greenback and slipped 1 paisa to tre at previous day's closing level in initial deals.

On Wednesday, rupee h settled with a marginal gain of 1 paisa at 84.07 against US dollar.

local currency has been struggling to recover since October 11, when it closed at its lowest level of 84.10 against dollar.

Analysts said selling rush by foreign investors in pursuit of better gains from Chinese market has been preventing rupee's recovery, while higher US treasury yields has triggered fear of slower interest rate cut by Federal Reserve.

Amid uncertain geopolitics weeks ahe of US presidential election also steered investors towards safe-haven bets, y said.

Meanwhile, dollar index, which gauges greenback's strength against a basket of six currencies, fell marginally by 0.07 per cent but remained elevated at 104.20.

Brent crude, international benchmark, rose 1.27 per cent to USD 75.91 per barrel in futures tre.

On domestic equity market front, Sensex rose 68.86 points, or 0.09 per cent, to 80,150.84 points. Nifty slipped 23.50 points, or 0.10 per cent, to 24,412.00 points.

Foreign institutional investors (FIIs) were net sellers in capital markets on Wednesday, as y offloed shares worth Rs 5,684.63 crore, according to exchange data.