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Rupee Trades Higher On Stronger Cues From Equities And Food Prices Easing
The domestic currency in Friday's trade boosted by strong sentiments in the equity market appreciated to three-week high at 68.32 for a dollar. This has come in as the food prices eased as well as there has been seen continuous selling of the dollar by both the exporter and bankers.
Meanwhile, the US dollar also stood firm in the hopes that inflation in the US will get triggered. Nonetheless, the escalating concerns in respect of US China trade war limited the gains in the greenback.
Also, there came in two sets of data in the domestic market yesterday, IIP data for May lost ground and was feeble at 3.2% indicating weak performance in the manufacturing and power sectors. Retail inflation measured by CPI for the month of June also drifted higher at 5% aided by buoyant fuel prices.
Meanwhile the equity market shed its initial opening gains wherein it reached a new benchmark by breaching 36,700 mark for the first time.
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