INR HOVERS AROUND 83 PER US DOLLAR, IIP AND CPI DATA DUE

Published on Jan 12, 2024 12:24

The Indian rupee is holding steady just under 83 per US dollar mark. INR has edged up this week to a three week high against the US dollar but a sustained rise in crude oil prices is capping the strength in rupee now. WTI Crude oil futures hit a one-week high near $74 per barrel in Asia as the United States and Britain carried out strikes against Houthi military targets in Yemen in retaliation for attacks by the Iran-backed group on shipping in the Red Sea starting from late last year. INR currently quotes at 82.99, up marginally on the day. Local currency market is bracing up for the release of consumer price index and industrial output figures later on today. Meanwhile, the US dollar index is hovering around 102 mark. Dollar did not change much after the US Labor Department said its consumer price index climbed by 0.3 percent in December after inching up by 0.1 percent in November. Excluding food and energy prices, core consumer prices rose by 0.3 percent in December, matching the increase seen in November. The report also showed the annual rate of consumer price growth accelerated to 3.4 percent in December from 3.1 percent in November.