LM:Rupee pares gains against dollar as wholesale inflation accelerates
Mumbai: The Indian rupee lost some of its early gains on Monday after the government said wholesale inflation had accelerated in August.
At 2.04pm, the Indian currency strengthened to 62.56 a dollar, up 1.49% from the previous close of 63.495. It opened at 62.7775 and advanced to 62.4725 in intra-day trading, before the government said inflation had accelerated to 6.1% in August.
Since January, the rupee has weakened 12.3% and is the worst-performer among Asian currencies.
BSE’s benchmark Sensex fell 49.33 points, or 0.25%, to 19,683.43 points after gaining as much as 353 points in the morning.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 81.07, down 0.47% from the previous close of 81.452.
The yield on the 10-year government bond fell to 8.486% from its previous close of 8.499%.
The overnight interbank call money rate stood at 10.6%.
