The Indian rupee opened at one month high against the dollar ahead of the signing a trade deal. The local unit gained by 12 paise at 70.74 per dollar vs. Monday's close 70.86/$.
On the economy front, India's retail inflation rate in December stood at 7.35%, according to data released by the Central Statistics Office (CSO) on January 13. Food prices, which is a gauge to measure changes in kitchen budgets, grew 14.1% in December.
On Monday, the rupee settled higher by 8 paise at 70.86 against the US dollar amid positive global cues and gains in the domestic equity market.
Besides, foreign institutional investors (FIIs) bought shares worth Rs68.24cr, while domestic institutional investors (DIIs), too, bought shares of worth Rs47.17cr, as per provisional data available on the NSE.
As per media reports, the US Treasury Department dropped its designation of China as a currency manipulator day before top officials of the world’s two largest economies were due to sign a preliminary trade agreement to ease an 18-month-old tariff war.
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