USD/INR looks volatile ahead of Feb. IIP data...
Indian rupee recouped all of its early losses to fresh three-month low and closed slightly higher against the US dollar on Wednesday as dollar sales by exporters and sharp reversal in higher beta currencies added positive bias for local currency.
Finally, it ended down by 5 paise to 51.43 per dollar after hitting 51.65 per dollar- a level not seen since Jan.16. It had closed at 51.48 per dollar on Tuesday.
Indian rupee is expected to start session slightly weaker against the US dollar tracking weakness in Asian and other major currencies on Europe’s debt concern after Germany failed to meet its debt auction target but rupee could be volatile in afternoon session ahead of Feb. industrial production data, which expectation lies at 6.7% in Feb against 6.8% rise in Jan.
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