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12 March, 2013

Rupee off highs as rate cut hopes scaled back - The Economic Times

Rupee off highs as rate cut hopes scaled back - The Economic Times

Rupee off highs as rate cut hopes scaled back

The rupee off highs, at 54.27/28 after rising to 54.21 post better-than-expected factory data, 54.41/42 last close.

"The market anticipated a further high of 54.15, but that did not happen. So that's why the pair bounced back," said a private bank dealer.

The dealer added forwards will get paid as some rate cut hopes may be pared back after better IIP, high consumer inflation.

January industrial production came in at a firmer 2.4 per cent on year, while CPI rose 10.91 per cent.

Source : The Economic Times

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