Rupee trades flat at ₹83.49 against dollar amid easing oil prices

The rupee traded flat at ₹83.49 against the US currency in the early session on Tuesday amid losses in domestic equities and easing crude oil prices.

At the interbank foreign exchange market, the rupee opened flat at ₹83.49 against the US dollar. The local currency moved in a restricted range of ₹83.49 to ₹83.50 against the greenback in early trade.

The rupee had edged up 1 paisa to close at ₹83.49 against the US dollar on Monday ahead of the key testimony of US Federal Reserve Chair Jerome Powell in front of Congress.

Powell's testimony offered little new guidance on the US central bank's plans for when it might cut interest rates.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, eased 0.03% from overnight high levels to 105.09.

Brent crude, the global oil benchmark, declined 0.26% to USD 84.44 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex dropped by 143.15 points or 0.18% to close at 80,208.49. The broader NSE Nifty declined 27.20 points, or 0.11%, to 24,406.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Tuesday, as they purchased shares worth ₹314.46 crore, according to exchange data.