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Rupee gains 7 paise ahead of macro economic data

Date: 12-06-2019
Subject: Rupee gains 7 paise ahead of macro economic data
The rupee was trading 7 paise higher at 69.38 against the US dollar in early trade on Wednesday ahead of inflation and IIP numbers that are slated to be released later in the day. 

The local currency opened the day flat at 69.45 against the American currency. 

The expectation is that inflation could inch higher as compared to the previous month and at the same time industrial production could witness slower growth in April, thereby keeping gains restricted for the currency,according to Motilal OswalNSE -1.92 % Financial Services 

"Today, USDINR pair is expected to quote in the range of 69.20 and 69.90,” the brokerage house said. 

The dollar was weighed against its major crosses in Tuesday’s session after data showed US producers price index increased marginally for a second straight month in May. The producer price index edged up 0.1 per cent in May after gaining 0.2 per cent in April. 

After a series, weak economic numbers released from the US focus will now shift to the FOMC policy meeting that is scheduled next week. 

Market participants will be keenly keeping an eye on the meeting as the Fed Chairman is likely to provide cues and the central bank’s stance going forward. 

Source: economictimes.indiatimes.com

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