Indian rupee was trading flat against the US dollar on Wednesday. Investors are cautious following soft macroeconomic data released on March 12. Inflation in February grew at 2.57 percent compared to 1.97 percent rise in the previous month. On the other hand, industrial production grew at a sluggish pace in January suggesting that the central bank could adopt to cut rates to boost the pace of the economy. According to the data released by the Central Statistics Office (CSO), the Index of Industrial Production (IIP) witnessed a growth of just 1.7 percent in January, down from 7.5 percent growth in the year-ago month. Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 2,477 crore on a net basis Tuesday, as per provisional data. On the global front, the dollar was on the back foot after data on Tuesday showed US consumer prices rose at a slower-than-expected pace, nudging Treasury yields to two-month lows.
The partially convertible currency is currently trading flat at its previous close of 69.71 on Tuesday. The currency touched a high and low of 69.7850 and 69.6300 respectively. The reference rate for the dollar stood at 69.59 and for Euro stood at 78.33 on March 12, 2019. While the reference rate for the Yen stood at 62.54, the reference rate for the Great Britain Pound (GBP) stood at 91.87.
| Date | 1US$ | 1GBP |
| March 12, 2019 | 69.5950 | 91.8714 |
| March 11, 2019 | 69.9308 | 90.7916 |
(Reference Rate)
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