INR holds on to losses as elevated oil prices offset dollar pull back after soft US inflation data
Mumbai, July 15 -- The Indian rupee is holding on to losses registered in the previous session amidst elevated international oil prices and renewed geopolitical concerns. However, a pull back in dollar index under 101 mark after US data showed softer-than-expected inflation data that reduced expectations for Federal Reserve interest rates hikes is seen limiting further losses in the counter. The annual US inflation rate slowed to 3.5% in June from 4.2% in May. Meanwhile, Fed Chair Kevin Warsh reiterated the central bank's commitment to restoring price stability during congressional testimony on Tuesday. INR opened at Rs 96.12 per dollar and slipped to a low of 96.19 so far during the day. Yesterday, depreciated 62 paise to close at 96.30 ...
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