Indian Rupee: INR Consolidates Around 78 Per US Dollar

15 Jun 2022 , 09:03 AM

The Indian rupee saw muted moves after hitting fresh record lows beyond Rs 78 per dollar mark. INR gained a little, consolidating just around 78 per US dollar mark. The local equity indices ended lower in the volatile session today that saw markets move up in the initial hours before turning lower. Indias inflation based on the Wholesale Price Index (WPI) rose further in May, hitting 15.88%, according to data released by the commerce ministry today. WPI inflation was 15.08% in April 2022 and 13.11% in May 2021. However, India retail inflation eased to 7.04 per cent in May, mainly on account of softening food prices, though it remained above the RBIs upper tolerance level for the fifth consecutive month, government data showed on Monday. The Consumer Price Index (CPI) based inflation was 7.79 per cent in April. In May 2021, the retail inflation stood at 6.3 per cent. A modest drop in the US dollar index in Asia could support INR today. Powered by Commodity Insights