INR softens above 83.90 per dollar

Indian Rupee eased a bit today after witnessing a good upmove in last session. INR is currently quoting at 83.92 per US dollar, down 7 paise on the day, not being able to hold onto the gains. Currency traders focused on a mild downtick in the US dollar index. The US Commerce Department reported Friday that the personal consumption expenditures price index rose 0.2% on the month and was up 2.5% from the same period a year ago. This data did not alter the scenario much as far as a September rate cut possibility is concerned. Excluding volatile food and energy prices, core PCE also increased 0.2% for the month but was up 2.6% from a year ago. The 12-month figure was slightly softer than the 2.7% estimate. Both core and headline inflation on a 12-month basis were the same as in June. The US dollar index paused around one and half week high following this reading.

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