Rupee Ends Higher at 59.27 Per Dollar; Retail Inflation in Focus

The rupee held in a tight range on Wednesday as lack of fresh domestic triggers prompted investors to stay on the sidelines while mixed Asian currencies and shares also failed to provide any clear direction.. . Traders will now focus on retail inflation data, due to be released after market hours on Thursday, for direction. However, a large impact is unlikely on Friday unless the data is significantly off market expectations.. . A Reuters survey of economists found consumer price inflation probably eased to 8.4 per cent in May, from April's three-month high of 8.59 per cent as food prices fell slightly.. . Industrial output data due around the same time is expected to show output expanded 1.9 per cent annually in April after falling 0.5 per cent in March.. . "Market has remained very dull. The CPI and factory data will be key data points to watch out for as market expects better numbers for both," said Pramod Patil, head of foreign exchange and debt trading at United Overseas Bank.. . "However, I expect the rupee to continue to trade in a 59.00 to 59.50 range for the rest of the week," he added.. . The partially convertible rupee closed at 59.27/28 per dollar, little changed from 59.29/30 on Tuesday. The unit moved in a tight range of 59.22 to 59.36 during the session.. . India's exports increased at the fastest pace in six months in May, in a boost for Prime Minister Narendra Modi's new government as it signaled a loosening of gold import rules and a push to improve trade ties with the United States.. . Most emerging Asian currencies failed to maintain early gains and turned slightly weaker on Wednesday as US Treasury yields rose and the Chinese yuan slipped.. . Indian shares snapped a four-day winning streak after hitting all-time highs for the fourth session on Wednesday as investors booked profits in recent outperformers such as infrastructure and capital goods stocks. . . In the offshore non-deliverable forwards, the one-month contract was at 59.53 while the three-month was at 60.07.. . Copyright @ Thomson Reuters 2013

Rupee Ends Higher at 59.27 Per Dollar; Retail Inflation in Focus

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