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The Indian rupee opened flat against US dollar ahead of key US inflation data and the ECB monetary policy meeting, which is due later on September 13. At 9.10am, the home currency was trading at 82.93 a dollar, up 0.01 percent from its previous close of 82.92. The domestic currency opened at 82.92. India’s CPI at 6.83% and IIP at 5.7% beat expectations. Analysts await US CPI data, which is due later today to gauge the Fed’s stance on fighting inflation. The dollar index is trading steady near 6-month highs and the U.S. 10-year bond yields are also sustaining above 4.25% levels ahead of the ECB monetary meeting.
“For now, with a strong pipeline of inflows and active RBI, the rupee is likely to move towards 82.50 once the 82.80 mark is taken out. On the upside, 83.25 shall remain a strong resistance bar to breach,” said CR Forex in a latest note.
Asian currencies were trading weaker. Thai Baht fell 0.29 percent, Japanese yen lost 0.2 percent, Indonesian rupiah dropped 0.16 percent, South Korean won and Singapore dollar fell 0.11 percent each, and Malaysian ringgit and Philippines peso declined 0.05 percent each.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 104.67, down 0.04 percent from its previous close of 104.71.
(with Bloomberg inputs)
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