Rupee opens flat at 68.72 against US dollar amid rise in crude oil prices

The rupee opened flat at 68.72, up just 2 paise against the US dollar on Wednesday. On Tuesday, the currency recovered from the day's low to finally settle at 68.74 with gains of 40 paise amid sustained foreign fund inflows and heavy buying in domestic equities.

Consistent inflows suggest that FIIs remain bullish on the Indian growth story. The momentum of flows in the recent past has been positive also as market participants are expecting that the RBI could consider cutting rates tomorrow, says Gaurang Somaiya, Research Analyst (Currency) at Motilal Oswal Financial Services. 

The central bank is expected to