Dollar to Rupee Rate: Rupee supported by better inflation data, opened flat against dollar
Dollar to Rupee Rate: The Rupee is trading flat against the dollar today. Retail inflation figures for August came on Tuesday which were better than market expectations. Crude oil benchmark Brent crude is up 0.21 percent at $ 92.25 per barrel. At the same time, the dollar index showing the strength of the American currency is at 104.65 points.
The rupee is trading in a limited range against the dollar on Wednesday. The rupee traded in a range due to positive macroeconomic data, which mitigated the impact of rising crude oil prices and a stronger dollar on the rupee.
Forex traders say that the rupee is getting support due to domestic retail inflation and industrial production data being better than market estimates. Currently, investors are waiting for inflation data in the US and clarification on the US Fed's approach to reducing inflation.
According to the Interbank Foreign Exchange, the rupee remains in a limited range. The rupee opened today at 82.92 against the dollar. After this, the level of 82.95 was reached in early trading. The rupee had closed at 82.95 in Tuesday's session. There has been a slight decline in the dollar index and it is down 0.05 percent at 104.65 points. Crude oil benchmark Brent crude is up 0.21 percent at $ 92.25 per barrel.
Talking to news agency PTI, Amit Pabari, MD of CR Forex Advisor, said that after crossing the level of 82.80, the rupee will go towards 82.50. 83.25 is a strong barrier level.
Indian stock market is trading flat today. Sensex is down by 6.07 points at 67,215.06 points and NSE Nifty is up by 1.80 or 0.01 points at 19,995 points. Domestic institutional investors (FIIs) were net sellers in the market on Wednesday. Shares worth Rs 1,047.19 crore were sold on his behalf.
According to official data released on Tuesday, industrial production has performed well. It is at a five-month high of 5.7 percent. At the same time, the inflation rate has also decreased. Retail inflation stood at 6.83 percent in August. In July it was 7.44 percent.