RTTN:Indian Rupee Off 2-day High Against U.S. Dollar
The Indian rupee that advanced against the U.S. dollar in early deals on Wednesday reversed direction shortly thereafter.
The rupee is trading near yesterday's close of 53.85 against the greenback, compared to a 2-day high of 53.7105 hit earlier.
India's merchandise exports increased slightly from last year in January, latest figures from the Ministry of Commerce and Industry showed today.
Export of goods edged up 0.82 percent on an annual basis to $255.87 billion in January. At the same time, the value of imports climbed 6.12 percent year-on-year to $455.83 billion.
The net trade during the month resulted in a deficit of $20 billion, which was higher than $17.57 billion recorded in January 2012.
