The Indian rupee advanced 2 paise to close at 87.19 (provisional) against the US dollar on Wednesday amid volatile global sentiment on tariff uncertainties and some recovery in the American currency index. Upward move in crude oil prices also impacted the local unit and capped its gain as selling pressure in domestic equity and outflow of foreign capital continued. Indian shares fluctuated before ending on a flat note Wednesday. The benchmark 30-share Sensex dropped 72.56 points, or 0.10 percent, to 74,029.76, tracking mixed Asian cues and a rebound in European markets after four days of declines. The broader NSE Nifty index closed down 27.40 points, or 0.12 percent, at 22,470.50. Indias retail inflation eased to a seven-month low of 3.61 per cent in February 2025, down from 4.31 per cent in January, as food price pressures softened, according to government data released on Wednesday. This brings inflation below the Reserve Bank of Indias (RBI) medium-term target of 4 per cent for the first time since August 2024. The Consumer Price Index (CPI)-based inflation remained well within the RBIs tolerance band of 2-6 per cent. Meanwhile, Indias industrial output growth picked up to 5 per cent year-on-year in January 2025, compared to 3.2 per cent in December 2024.
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