Indian rupee slips with traders clinging to equity cues, awaiting inflation data

Business Recorder reported that the Indian rupee weakened 0.4% on Thursday, ending at 94.0425 per dollar against its prior close of 93.69. Earlier, foreign portfolio inflows had lifted it to 93.62, its strongest reading since April, but that advance faded as oil prices rose and local shares surrendered their gains.

Demand for dollars from a state-owned lender added pressure, while other public sector banks were offering dollars near 94. Traders awaited October consumer inflation figures, scheduled for release later in the day. Reuters’ economist survey projected a 5.93% annual rise in headline CPI, while market pricing reflected expectations of nearly 100 basis points of Reserve Bank of India rate increases over the coming year.