TH:Rupee weakens to 54.35 on retail inflation data
Minutes after retail inflation data showed food-price inflation rose to 10.79 per cent in February, the rupee weakened to 54.35 against the dollar.
The rupee fell on fears that the Reserve Bank of India might stop short of cutting policy rates in the forthcoming monetary policy review.
The rupee opened higher at 54.29 against the dollar after a stronger-than-expected export data for February led to a lower trade deficit for the month.
The local unit had closed at 54.41 on Monday.
The impending stake sale in state-run Nalco is also likely to draw more dollar into the market.
