Rupee Slips Near 82.90 Per US Dollar

The Indian rupee slipped on Wednesday as the US dollar steadied around 103 mark after a rise following the yesterdays US inflation data. The US headline consumer price inflation rate accelerated to 3.2% in February, above expectations and Januarys figure of 3.1%, while the core rate eased to 3.8% from 3.9%. This slightly elevated reading has added to uncertainty on Federal rate cut stance. Indian Rupee has come off a six month high last week and currently quotes at 82.88 per US dollar, down 8 paise on the day. The INR is looking at the volatility in the local equities were benchmark indices are holding up near record but there is hefty selling in small and midcap stocks. A soft reading in industrial production also weighed on INR. India's industrial production growth moderated in January after accelerating in the previous month, data from the Ministry of Statistics and Programme Implementation revealed on Tuesday. Industrial output expanded 3.8% year-over-year in January, slower than the 4.2% in December.

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