Archive · Business Recorder
Indian rupee slips with traders clinging to equity cues, awaiting inflation data
MUMBAI: The Indian rupee retreated on Thursday after oil prices rose and domestic equities reversed, erasing early gains driven by a pickup in foreign portfolio inflows, while traders also awaited India’s inflation data due later in the day. The Indian rupee closed at 94.0425 per dollar, down 0.4% from its previous close at 93.69. Foreign portfolio inflows inject dollar supply into the rupee market, aiding the currency. A pickup in flows helped boost the rupee to a peak of 93.62 in early trading — its strongest level since April. The currency eventually pared gains as oil prices turned higher ...
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