Indian Rupee Rises To 1-1/2-month High Against U.S. Dollar
September 17 2024 - 2:43AM
RTTF2
The Indian rupee strengthened against the U.S. dollar in the
European session on Tuesday.
In economic news, data from the Ministry of Commerce and
Industry showed that India's wholesale price inflation softened
more-than-expected in August to the lowest level in four months.
The wholesale price index, or WPI, rose 1.31 percent year-over-year
in August, slower than the 2.04 percent increase in July.
Economists had expected inflation to ease to 1.80 percent.
On a monthly basis, wholesale prices dropped 0.45 percent from
July, when they increased by 0.78 percent.
Against the U.S. dollar, the rupee rose to a 1-1/2-month high of
83.7090 from an early low of 83.8890. At yesterday's close, the
rupee was trading at 83.8200 against the greenback.
If the rupee extends its uptrend, it is likely to find
resistance around the 82.00 region.
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