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The rupee ended weaker at 54.36 against the dollar after a higher wholesale price inflation dimmed hopes of a policy rate cut on March 19.
According to government data, the Wholesale Price Index-based inflation rose to 6.84 per cent in February from 6.62 per cent in January. This will be one of the important determinants for RBI’s policy decision.
Inflation, especially on the retail side, remains stubbornly high in Asia’s third largest economy.
The rupee opened weak at 54.35 against the dollar from the previous close of 54.30.
Currency markets are likely to react tomorrow to the news that U.S. Jobless claims fell 10,000 to 332,000 last week.
Call rates, G-Secs
The interbank call money rates closed lower at 7.75 per cent from the previous close of 7.90 per cent.
The 8.15 per cent government security, which matures in 2022, closed higher at Rs 101.83 from the previous close of Rs 101.57. Yields softened to 7.86 per cent from previous close of 7.90 per cent.
satyanarayan.iyer@thehindu.co.in
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