Rupee turns flat at 83.73 against US dollar amid high crude oil prices

The rupee turned flat at 83.73 against the US currency on Friday amid weak equity markets and an upward movement in crude oil prices overseas.

According to forex traders, the Indian currency found support due to softening dollar against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities.

At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level.

On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar.

Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks".

"The next key US economic release is the July jobs report, expected on Friday," he added.

Meanwhile, the dollar index, which gauges the greenback's str