Rupee opens higher against US dollar ahead of CPI data

The Indian rupee strengthened against the US dollar on Monday, tracking gains in Asian currencies.

At 9.09am, the home currency was trading at 64.26 a dollar, up 0.21% from its Friday’s close of 64.40. The rupee opened at 64.26 a dollar and touched a high and a low of 64.24 and 64.29, respectively.

So far this year, the rupee has lost 0.62%, while foreign institutional investors have bought $1.48 billion and $ 2.06 billion in equity and debt, respectively.

Consumer Price Index (CPI) and Index of Industrial Production (IIP) data are due to be released on Monday. A Bloomberg poll of 31 analysts on CPI shows a median estimate of 5.1% in year-on-year in January from 5.21% in December, and 28 analysts polled by Bloomberg have median estimates of 6.1% year-on-year in December for IIP, from 8.4% gain in November. 

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