Rupee trades flat; foreign funds continue to withdraw dollars

The rupee was trading steady at 62.43/44 per dollar. The unit was seen in a 62.20 to 62.60 range during the day, traders say.

Domestic shares were up just 0.3 per cent despite MSCI Asia-Pacific index excluding Japan, trading up over 1 per cent. Most Asian currencies were also trading stronger.

Foreign funds have been net sellers of Indian equities in six out of the last seven trading sessions in all markets, raising uncertainty over the outlook for fund flows and the rupee.

Traders are also awaiting the trade data due later in the session and Fed chair Yellen's testimony due post market close for near-term direction.

Copyright: Thomson Reuters 2014