Rupee trading flat at 60.72 in afternoon trade

The rupee was trading flat at 60.72 at 1.48 pm taking cues from firm Asian currencies and on persistent FII inflows.

The rupee gained 10 paise to open at 60.75 against the previous close of 60.85.

The rupee had appreciated 22 paise to close at an over seven-month high of 60.85 against the US currency in the previous session on heavy capital inflows into equities that surged to a fresh record.

Abhishek Goenka, Founder and CEO of India Forex Advisors said, “Foreign funds have bought $852.10 million in equities and $5.6 billion in debt so far in 2014.”

The inter-bank call money rate, the interest rate at which banks borrow money from each other to overcome short-term liquidity mismatches, opened higher at 8.25 per cent against the previous close of 7.10 per cent.