Rupee trades higher at 82.95 a dollar in sync with equity rally, rise in Asian currencies
Indian rupee strengthened marginally against US dollar tracking gains in local equity and Asian currencies markets.
Indian rupee strengthened marginally against US dollar tracking gains in local equity and Asian currencies markets.
The rupee strengthened marginally against the US dollar, tracking gains in local equities and in Asian currency markets.
At 9.10am, the home currency was trading at 82.95 a dollar, up 0.09 percent from its previous close of 83.03. The rupee opened at 82.94 on September 12.
Both the benchmark indices traded higher for the seventh straight session with the Nifty surpassing the 20,000 mark for the first time.
Traders awaited the consumer price inflation data scheduled to be released by the government later on Tuesday. According to a Bloomberg poll, the CPI will be at 7.1 percent in August as against 7.44 percent a month before.
This week, traders are also keeping an eye on the US August CPI on Wednesday, which will impact the Fed’s policy communication next week. They are also watching out for the US August retail sales data on Thursday to assess the state of consumer spending.
“The upcoming US inflation data, monetary policy decisions from the major and India’s inflation prints will be the key. However, the upside in the USDINR seems limited to the 83.25 levels, having room to correct to 82.50 levels in the short to medium term,” CR Forex said in a note.
Asian currencies traded weaker on September 12 with the Taiwan dollar down 0.13 percent, Thai Baht 0.1 percent, and he Japanese yen and Indonesian rupiah losing 0.05 percent each. South Korean won gained 0.5 percent.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 104.56, down 0.01 percent from its previous close of 104.57.
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