The USDINR pair made a gap down opening at 75.27 levels and traded in the range of 75.22-75.36 with a sideways bias and the pair closed at 75.26 levels. The Reserve Bank of India set the reference rate for USDINR at 75.3039 levels. The dollar fell against the Indian rupee as the dollar index was weak in the early session after data on US consumer prices fuelled concerns among investors that inflation may continue to rise in the US.
A rise in domestic benchmark indices also supported the Indian rupee. India’s annual wholesale price-based inflation in September eased to 10.66% from the previous month’s 11.39%, remaining in double digits for the sixth month in a row.
China's September factory gate inflation rose to a record on soaring commodity prices, but weak demand capped consumer inflation, forcing policymakers to walk a tight rope between supporting the economy and further stoking producer prices. The PPI rose 10.7% from a year earlier in September. Producer prices have risen due to output curbs caused by a power crunch at a home and a months-long global commodity price rally.
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