The Indian rupee opened flat on Thursday after falling 60 paise on Wednesday. The rupee is trading at 72.14 against US Dollar.
On the economy front, the rate of retail inflation, as measured by the Consumer Price Index (CPI) breached the Reserve Bank of India’s (RBI) medium-term target of 4% in October. Food prices were up by 7.89% in October as against 5.11% in September, where inflation rate in cereals and products stood at 2.16% against 1.66% a month ago and vegetable inflation for October stood at 26% as against 15.4% in September.
Further, the dollar rose against its major crosses ahead of the Fed Chairman testimony that was scheduled yesterday.
On the international front, China said its economic activity grew slower than expected in October, up 4.7% from a year ago, and down from September’s 5.8% increase.