Reportedly the indian rupee settled unchanged at 71.28 against the US dollar on tuesday ahead of the release of key domestic macroeconomic data. Meanwhile Forex traders said the rupee continued to consolidate in a narrow range ahead of inflation and industrial production figures scheduled to be released on Wednesday.

 

Furthermore at the interbank foreign exchange market, the local currency opened on a positive note at 71.23. During the day, it saw a high of 71.19 and a low of 71.33. Apparently the indian currency finally finished at 71.28, same as its previous close on Monday. Perhaps "Expectation is that inflation could inch higher and the same time IIP could witness slower growth. Weaker-than-expected number could keep the currency under pressure".

 

Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal oswal Financial services said "We expect the USD/INR (Spot) to quote in the range of 71.25 and 71.80". v K Sharma, Head PCG and capital Markets Strategy, hdfc Securities said "The local currency under-performed among Asian currencies as result of delhi assembly election (which) marked third setback for bjp, after losing jharkhand and Maharashtra". Moreover the Arvind Kejriwal-led Aam Aadmi party was on tuesday set for a resounding victory in the delhi assembly elections to retain power for the third term. Reportedly AAP was leading in 63 seats, the bjp in seven constituencies while the india NATIONAL CONGRESS' target='_blank' title='congress-Latest Updates, Photos, Videos are a click away, CLICK NOW'>congress drew a blank in the 70-member assembly, according to the latest vote tally.

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