INR Slips Modestly Ahead Of Data Deluge

The Indian rupee eased a bit Wednesday as local stocks fell and overall undertone in the INR stayed muted after approaching one month high against the US dollar last week. Some gains were noted in the US Dollar Index too after the recent losses as it is currently trading at the 103.92, up 0.16% on the day. The US Personal Consumption Expenditures (PCE) figures from January and Gross Domestic Product (GDP) revisions from Q4 are keenly awaited. Rupee closed almost flat at 82.89 against the US dollar in a restricted trade on Tuesday amid supportive equities. Local investors are also eying the monthly government finances data, core sector output and the all important October-December quarter GDP data.

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