Rupee steady at 73.68 against dollar

Rupee steady at 73.68 against dollar

Mumbai, Sep 14 (PTI) The rupee on Tuesday held steady at 73.68 per dollar in the forex market amid a weak trend in the domestic equity market and concerns over rising inflation.

Analysts said a firming US dollar and higher crude oil prices ahead of the release of US inflation data limited the rupee’s gains.

In the interbank foreign exchange market, the rupee opened higher at Rs 73.62 per dollar at the beginning of trading and after touching a low of Rs 73.70 and high of 73.57 during trading, it finally remained stable at its previous closing price of Rs 73.68 per dollar.

Government data released on Tuesday showed that wholesale price-based inflation rose to 11.39 per cent in August and remained in double digits for the fifth consecutive month, breaking the two-month easing trend.

While food prices eased, higher fuel and electricity and manufactured goods prices pushed inflation higher, raising concerns about an impact on consumer prices.

“The Indian rupee turned flat against the dollar this Tuesday ahead of the world’s largest economy’s wholesale inflation data,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.

Meanwhile, the dollar index, reflecting the trend of the US currency against the six major currencies, declined marginally to 92.61.

At the same time, Brent crude oil futures rose 0.67 percent to $ 74 per barrel.

On the domestic front, the 30-share sensitive index of the Bombay Stock Exchange closed at 58,247.09, up 69.33 points.

According to exchange data, foreign institutional investors were net buyers in the capital market and bought shares worth Rs 1,419.31 crore on Monday.

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