The Indian rupee opened marginally higher on December 12 tracking gains in local equity and Asian currencies.
At 9.10am, the home currency was trading at 83.37 a dollar, up 0.03 percent from its previous close of 83.39.
Traders awaiting CPI and IIP data due later today. India's headline inflation rate likely jumped to 5.8 percent in November from October's 4.87 percent, according to a Moneycontrol survey of 15 economists, with an unfavourable base effect and resurgence in prices of vegetables and pulses propelling inflation to a three-month high.
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Recent US economic data surpassed expectations, showcasing a drop in unemployment claims from 3.9 percent to 3.7 percent. Non-farm payrolls hit 199K and average hourly earnings rose by 0.4 percent, outperforming projections. As a result, expectations for rate cuts in March and May decreased to 43 percent and 76 percent from 63 percent and 85 percent respectively.
Attention now shifts to the Federal Reserve's upcoming monetary policy, with signs pointing towards the Fed taking the lead in rate-cut initiatives, traders said.
Asian currencies were trading higher. Japanese yen was up 0.38 percent, Thai Baht rose 0.23 percent, China Offshore 0.12 percent, Singapore dollar 0.1 percent, South Korean won and Philippines peso 0.08 percent each.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 104.0032, down 0.09 percent from its previous close of 104.095.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
At 9.10am, the home currency was trading at 83.37 a dollar, up 0.03 percent from its previous close of 83.39.
Traders awaiting CPI and IIP data due later today. India's headline inflation rate likely jumped to 5.8 percent in November from October's 4.87 percent, according to a Moneycontrol survey of 15 economists, with an unfavourable base effect and resurgence in prices of vegetables and pulses propelling inflation to a three-month high.
Follow our market blog to catch all the live updates
Recent US economic data surpassed expectations, showcasing a drop in unemployment claims from 3.9 percent to 3.7 percent. Non-farm payrolls hit 199K and average hourly earnings rose by 0.4 percent, outperforming projections. As a result, expectations for rate cuts in March and May decreased to 43 percent and 76 percent from 63 percent and 85 percent respectively.
Attention now shifts to the Federal Reserve's upcoming monetary policy, with signs pointing towards the Fed taking the lead in rate-cut initiatives, traders said.
Asian currencies were trading higher. Japanese yen was up 0.38 percent, Thai Baht rose 0.23 percent, China Offshore 0.12 percent, Singapore dollar 0.1 percent, South Korean won and Philippines peso 0.08 percent each.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 104.0032, down 0.09 percent from its previous close of 104.095.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
