Rupee loses after industrial output, consumer inflation data

Tue Feb 12, 2013 12:22pm IST

An employee uses checks an Indian currency note at a cash counter inside a bank in Mumbai June 21, 2010. REUTERS/Rupak de Chowdhuri/Files

An employee uses checks an Indian currency note at a cash counter inside a bank in Mumbai June 21, 2010.

Credit: Reuters/Rupak de Chowdhuri/Files

Related Topics

Reuters Market Eye - The rupee falls to 53.97/98 from its previous close of 53.8450/8550 on data showing December factory output unexpectedly contracted, even as consumer price-based inflation stayed well above 10 percent. The pair had been trading at 53.88 before the data.

The two sets of data are keeping the prospect for RBI rate cuts in March uncertain. Traders said January WPI data, due on Thursday, would be key in setting expectations.

Traders expect good resistance at 54.05 levels, which if broken, could take the pair to 54.25-30.

The 53.90-54.05 level for USD/INR has marked the highs over the 7 trading days between January 21-29 and marks the 38.2 percent retracement of the 55.89 (November 26) and 52.87 (February 5) decline.

(Reporting by Swati Bhat)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Trade Deal

REUTERS SHOWCASE

Facebook Results

Facebook Results

Facebook beats Wall Street targets, stock hits record high  Full Article 

Gm Recall

Gm Recall

GM recalls 717,950 vehicles in U.S., not for ignition switches  Full Article 

Factory Sector

Factory Sector

China July HSBC flash PMI at 18-month high of 52.0   Full Article 

Breakingviews

Breakingviews

Apple winds up earnings hope for new gadgets  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Honda's India Thrust

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage