Indian Rupee At Near 15-month High Vs U.S. Dollar After WPI Data
March 14 2017 - 3:18AM
RTTF2
The Indian rupee firmed against the U.S. dollar in evening
trading on Tuesday, after data showing bigger-than-expected
increase in wholesale price inflation in February prompted
investors to rule out the possibility of rate cut any time
soon.
Preliminary data from the Ministry of Commerce & Industry
showed that India's wholesale price inflation accelerated at a
faster-than-expected pace in February.
Wholesale prices climbed 6.55 percent year-over-year in
February, following a 5.25 percent increase in the prior month.
Economists had expected the inflation to rise to 6.1 percent.
Further underpinning the currency was the sweeping state
election victory of ruling party, which helped bolster expectations
for continuation of key reform measures.
The Indian rupee advanced to 65.86 against the greenback, a
level unseen since December 2015. At Monday's close, the pair was
valued at 66.15. Continuation of the rupee's uptrend may see it
challenging resistance around the 64.5 region.
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