Indian Rupee slips 16 paise in opening trade

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The Indian Rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 64.28 per Dollar versus 64.12 Monday.

Encouraging US economic data and FII outflows will help the Dollar appreciate. The USD-INR to trade in a range of 64-64.50 for the day.

The US Dollar strengthened after economic data, including July retail sales, beat expectations and cast the economy in a relatively favorable light.

The US currency also continues to benefit from abating fears about a military showdown between the US and North Korea.

The pound, on the other hand, tumbled after UK inflation came in softer than expected, quelling some concern that the Bank Of England would soon raise interest rates.

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