INR flat though weak dollar keeps overall sentiments supported

The Indian rupee saw tepid moves today after recording good gains in last session as stable moves in the US dollar index clubbed with worries over external trade gap weighed on the currency. INR was flat at 94.56 per US dollar, coming off its best level in five-weeks. Meanwhile, data out yesterday showed that Indias merchandise trade deficit remained elevated at $28.21 billion in May, almost unchanged compared to $28.23 billion in April, as a broad-based surge in imports outweighed a rebound in exports. The US dollar index quotes down 0.16% at 99.30, keeping general sentiments steady for INR. Firm cues from local equities also offered good support.

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