Rupee opens 2 paise lower at 66.79/$

On macroeconomic front, Chinese inflation numbers came in line with estimates. CPI numbers for December came out at +1.6%, while PPI fell at an annual rate of 5.9%.

Indian Rupee opened lower at 66.83/$, lower by 2 paise in early trade on Tuesday as against the previous close of 66.81/$. Indian rupee moved lower against the greenback, influenced by safe haven demand for the greenback. Turmoil in Chinese equities also took a toll on the emerging market currencies. Comment by Chinese Premier Li has aggravated the bearish sentiment.

On macroeconomic front, Chinese inflation numbers came in line with estimates. CPI numbers for December came out at +1.6%, while PPI fell at an annual rate of 5.9%. Market focus will be now accentuated on slew of Chinese macro numbers releasing on 18th and 19th of January.

On Monday, the Indian currency ended at 66.81, weaker by 18 paise from its previous close of 66.63 on Friday. The currency touched a high and low of 66.92 and 67.07 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.78 and for Euro stood at 72.92 on January 11, 2016. While, the RBI’s reference rate for the Yen stood at 56.93, the reference rate for the Great Britain Pound (GBP) stood at 97.0570.