Rupee trades flat on higher crude oil price

Indian rupee was trading flat against US dollar on Monday, as crude oil prices inched higher to nearly three-month high levels, following a higher than expected crude inventory drawdown, trade optimism, and unrest in the Middle East.

Meanwhile, firm domestic equities and sustained foreign fund inflows strengthened investor sentiments. Foreign institutional investors (FIIs) bought shares worth Rs 81.37 crore on Friday, exchange data showed.

On the global front, the US dollar was defensive in light of the year-end trading after suffering a setback in the previous session, as the hope regarding the Sino-US trade deal lifted investors' risk craving, reducing the safe-haven demand for the greenback.

The partially convertible currency is currently trading flat at its previous close of 71.35 on Friday. The currency touched a high and low of 71.37 and 71.30, respectively. The reference rate for the dollar stood at 71.22 and for Euro, it stood at 79.18 on December 27, 2019.