INR eases after acceleration in US inflation

The Indian rupee stayed under pressure following a sharp upmove in dollar overseas. The US dollar index was at 104.73 following higher than expected US inflation figures. US Consumer Price Index (CPI) inflation eased to 3.1% on annual basis in January from 3.4% in December, but above market consensus of 2.9%. On a monthly basis, the headline CPI increased 0.3% in January after rising 0.2% in December. The Core CPI, which excludes food and energy, rose 0.4% in January from a 0.3% increase in December. The INR currently quotes down 2 paise at 83.08 per US dollar after falling to 83.12 in intraday moves.

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