Indian rupee trimmed its early gains and fell sharply against the US dollar on Thursday soon after India’s industrial output came much lower than expected. Besides, persistent dollar demand by oil refiners and capital outflow concern on downward revision of Jan. IIP reading weighed on rupee.
In the economic events, India’s industrial production rose at a slower pace of 4.1% in Feb against expectation of 6.7% annually, while January reading was revised sharply downward to 1.1% versus preliminary estimates of 6.8%.
Indian rupee is likely to open slightly higher around 51.50 vs. 51.59 closes on Thursday as overnight gains in higher beta currencies led a heavy selling pressure in US dollar in early Asian trade, while PBOC has set Chinese Yuan at $6.2879 vs. $6.2984, nearly 100 points lower further boost risk selling in Asian units.
In the economic events, India’s industrial production rose at a slower pace of 4.1% in Feb against expectation of 6.7% annually, while January reading was revised sharply downward to 1.1% versus preliminary estimates of 6.8%.
Indian rupee is likely to open slightly higher around 51.50 vs. 51.59 closes on Thursday as overnight gains in higher beta currencies led a heavy selling pressure in US dollar in early Asian trade, while PBOC has set Chinese Yuan at $6.2879 vs. $6.2984, nearly 100 points lower further boost risk selling in Asian units.
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