Rupee Rebounds From Five-Month Low Against U.S. Dollar

Gold Silver Reports (GSR) – Rupee Rebounds From Five-Month Low Against U.S. Dollar – After opening higher, the rupee shed 3 paise to 65.29 against the U.S. dollar in early trade today despite better-than-expected inflation numbers released yesterday.

Reflecting improvement in the economic situation, industrial production grew by 7.1 per cent in February, while key retail inflation slipped to a five-month low of 4.28 per cent in March, official data showed yesterday.

The uptick in industrial production has been driven largely by the robust performance of the manufacturing sector coupled with higher offtake of capital goods and consumer durables.

Retail inflation based on the Consumer Price Index (CPI) moderated in March due to easing food prices, including vegetables.

Yesterday, the rupee staged an impressive recovery from its five-month low towards the fag-end and closed higher by 5 paise to close at 65.26 against the U.S. dollar. – Neal Bhai Reports (NBR)

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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