Rupee gathers steam after WPI inflation dips; gains 60 paise to 71.60/$
The Indian rupee, on Friday, erased some of its its intraday gains to hover around 71.80 per US dollar. The currency rose more than 60 paise during the day. Lower WPI inflation and possible government measures are likely to have boosted the currency, experts said.
The rupee had opened 49 paise higher at 71.70 in the early trade versus 72.19 Wednesday.
After news of August WPI inflation easing to 4.53 percent arrived, it extended its gains by 67 paise at around 71.52 per dollar.
LKP, in its report in the morning, said that technically USD-INR is getting support at 71.775 and below same could see a test of 71.39 level, and resistance is now likely to be seen at 72.785, a move above could see prices testing 73.41.
On Wednesday, rupee ended the session on positive note at 72.19 per US dollar, from its record low of 72.91 it touched during the day’s trade. The Indian currency had ended at 72.69 on Tuesday.