Indian Rupee Off Near 2-week Low Against U.S. Dollar
April 18 2016 - 3:34AM
RTTF2
The Indian rupee trimmed its early losses against the U.S.
dollar in evening deals on Monday, as regional stocks advanced
after data showing contraction in India's wholesale prices for
March that renewed hopes for further rate cut by the Reserve Bank
of India.
Preliminary figures from the Ministry of Commerce and Industry
showed that India's wholesale prices continued to decease in March,
though at a slower pace than in the previous month.
The wholesale prices index fell 0.85 percent year-over-year in
March, following a 0.91 percent drop in the preceding month.
India's tech service firm Infosys announced upbeat earnings
results in the fourth quarter, further boosting regional
shares.
The benchmark BSE Sensex finished higher at 190 points or 0.74
percent at 25,816, while the broader Nifty index was up by 64
points or 0.82 percent at 7,915.
The rupee was trading at 66.56 against the greenback, off its
previous 2-week low of 66.70. The rupee may locate resistance
around the 65.00 mark.
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