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The Indian rupee settled unchanged at 71.28 against the US dollar on Tuesday ahead of the release of key domestic macroeconomic data.
Forex traders said the rupee continued to consolidate in a narrow range ahead of inflation and industrial production figures scheduled to be released on Wednesday.
At the interbank foreign exchange market, the local currency opened on a positive note at 71.23. During the day, it saw a high of 71.19 and a low of 71.33.
The Indian currency finally finished at 71.28, same as its previous close on Monday.
“Expectation is that inflation could inch higher and the same time IIP could witness slower growth. Weaker-than-expected number could keep the currency under pressure. We expect the USD/INR (Spot) to quote in the range of 71.25 and 71.80,” said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.
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