Indian Rupee Advances Further Against U.S. Dollar After WPI Data
May 14 2015 - 3:43AM
RTTF2
The Indian rupee climbed further against the U.S. dollar in
afternoon deals on Thursday, as further contraction in India's
wholesale prices in April spurred speculation that the Reserve Bank
of India may cut interest rate at June meeting.
Data from the Ministry of Commerce and Industry showed that
India's annual wholesale price inflation declined to 2.65 percent
in April, worser than expectations for a fall of 2.3 percent. In
March, the WPI dipped by 2.33 percent.
The rupee advanced to a 3-day high of 63.805 against the
greenback, compared to Wednesday's closing value of 63.877. The
rupee may possibly find resistance around the 63.00 level.
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