Posted by MUMBAI, Feb 15 (www.GoldTradingCalls.com) The rupee rose on Monday as some bunched-up USD inflows helped the unit in the absence of cues from Asian peers, with a seesawing lower local sharemarket providing little direction.
At 9:30 a.m. the partially convertible rupee was at INR 46.39/40 per dollar, stronger than INR 46.50/51 at close on Thursday. Indian financial markets were shut on Friday for a local holiday. Dealers said there were some bunched-up dollar inflows as markets were closed on Friday, which was helping the rupee, but they said the market would mostly be lacklustre in the absence of fresh triggers.
Traders would watch the inflation data due around noon for cues. India’s wholesale annual price inflation is seen at 8.21 percent in January. This compares with an annual rise of 7.31 percent in December.
Most Asian markets are shut on Monday and Tuesday for the Lunar New Year holidays. Indian shares were choppy in early trade.
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