Research Icon - Rupee opens lower by 6 paise at 71.39/$ against US Dollar

The Indian rupee opened lower by 6 paise at 71.39 against US dollar on Thursday against Wednesday's close of 71.33/$.

The local unit closed lower by 6 paise at 71.34 against the US dollar on Wednesday.

On the economy front, based on Consumer Price Index (CPI) rose sharply to 7.59% for the month of January from India's retail inflation 7.35% in December 2019, mainly due to higher prices of food products such as vegetables, pulses and protein-rich items, according to National Statistical Office (NSO) data. Industrial production contracted by 0.3% in December 2019 vs. 2.5% growth in the same month a year ago owing to a slump in manufacturing. The IIP growth during April-December period of the current fiscal decelerated to 0.5% from 4.7% expansion in the same period of 2018-19.

Besides, foreign institutional investors (FIIs) bought shares worth Rs48.81cr and domestic institutional investors (DIIs) purchased shares of worth Rs339.19cr, as per provisional data available on the NSE showed.

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