Rupee Trades Flat as Fed Rate Hike Eases Dollar Strength

The Indian rupee closed unchanged at 95.89 against the U.S. dollar on Friday, September 18, after initial gains. Despite a strong American currency, positive momentum in domestic equity markets supported the local unit.

Forex traders attributed the rupee's flat performance to weak crude oil prices and eased U.S. bond yields following the Federal Reserve's interest rate hike of 25 basis points.

Anuj Choudhary, Research Analyst at Mirae Asset Sharekhan, noted that the USD-INR spot price is expected to trade in a range of ₹95.65 to ₹96.15.