The Indian rupee erased morning gains and trading lower by 11 paise at 69.26 per dollar versus Friday’s close 69.15.
Rupee continued to consolidate in a narrow range ahead of the important inflation and industrial production number that was released on Friday. Inflation in March rose to the highest level in five months following rise in food prices.
On the other hand core inflation rose at a slower pace of 4.97% in March compared to 5.36% in the previous month. Industrial production in February rose a mere 0.1% compared to growth of 1.7% in the previous month.
Slowing IIP growth adds to signs of weakness in the economy. This week, market participants will be keeping an eye on RBI meeting minutes to gauge a view for the currency. Today, USD-INR pair is expected to quote in the range of 69.05 and 69.80, it added.
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