Rupee trades flat at 67.07 against US dollar

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Mumbai: The Indian rupee on Friday was trading flat against the dollar, tracking the trend in Asian currencies and local stock market.

The European Central Bank (ECB) cut interest rates on Thursday to boost the euro zone economy, surprising financial markets by dropping its main refinancing rate to zero from 0.05%.

The government will announce Index of Industrial Production (IIP) data for January on Friday.

At 9.11am, the home currency was trading flat at 67.07, from its previous close. The local currency opened at 67.16 a dollar.

The benchmark Sensex index fell 0.01%, or 2.95 points, to 24,620.39 in pre-opening trade.

Since January, the rupee has lost 1.44% on the back of $2.88 billion outflow from the local equity and bond markets.

Among Asian currencies, Japanese yen was down 0.159%, Malaysian ringgit 0.122% and Indonesian rupiah 0.061%. However, South Korean won gained 0.230%, China renminbi 0.211%, Singapore dollar 0.167%, Taiwan dollar 0.155%, China offshore spot 0.131%, Thai baht 0.142% and Philippines peso rose 0.203%.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 96.216, from its previous close of 96.066.

Meanwhile, the yield on India’s 10-year benchmark bond was trading at 7.648% against Thursday’s close of 7.636%. Bond yields and prices move in opposite directions.