Rupee Weakens Marginally against US dollar ahead of Retail Inflation Data

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The Indian rupee weakened marginally against the US dollar ahead of the key consumer price inflation (CPI) data, which will be released after 5.30pm on Monday.

The local currency opened at 66.91 a dollar. At 9.15am, the home currency was trading at 66.94, down 0.1% from its previous close of 66.88.

According to a Bloomberg analyst poll, CPI will be at 3.24% in January from 3.41% a month ago. The wholesale price inflation data for January will be out on 14 February. Analyst estimates, WPI will be at 4.34% from 3.39% a month ago.

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India’s 10-year bond yield was at 6.804%, from its Friday’s close of 6.805%. Bond yields and prices move in opposite directions.

India’s benchmark Sensex index rose 0.28% or 78.37 points to 28,412.62. So far this year, Sensex has risen 6.8%.

Since the beginning of this year, the rupee has gained 1.55%, while foreign institutional investors have bought $236.70 million and $145.70 million from local equity and debt markets respectively.

The dollar climbed to a two-week high as attention shifted to Donald Trump’s promise of a “phenomenal” tax plan after the US President refrained from criticizing Japan’s currency policy during Prime Minister Shinzo Abe’s two-day visit.

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