The Indian Rupee was trading higher against the greenback on Monday due to muted dollar demand by exporters and banks as well as fund inflows by foreign institutional investors. The investor also eyed Consumer Price Index (CPI) and Index of Industrial Production (IIP) data due today, which may set future direction for rupee movement.
At the Interbank Foreign Exchange Market, the local currency was trading 14 paise higher at 64.38 per dollar against a previous close of 64.52 per dollar (at 15:10 hours). During the day’s trade so far, the rupee touched an intra-day high of 64.34 after opening at 64.41. Adding to it, bullish trend in the domestic equity market also gave a lift to sentiment at local forex market.
The 30-share benchmark index was trading at 34348.71, up by 342.95 points or by 1.01 per cent, and the NSE Nifty was at 10552.6, up by 97.65 points or by 0.93 per cent.