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Rupee below 53; on hold for inflation data

Source : REUTERS
Last Updated: Mon, Oct 15, 2012 08:10 hrs

Reuters Market Eye - The rupee opens lower at 53.05/07 from previous close of 52.8050/8150, tracking weaker in Asian FX, stocks.

Dealers say inflation will be key: if data is below estimates, stocks and rupee may rally on rate cut hopes.

The wholesale price index is expected to have accelerated to 7.7 percent in September, its highest this year. Data due around 12 p.m.

Finance Minister P. Chidambaram called on the country's central bank to take "calibrated risks" to support the struggling economy as a reciprocal measure to government fiscal efforts during an interview with Reuters.

Foreign bank dealer tips 52.85-53.25 range for the session.



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