The Indian rupee erased all its morning gains and weakened to 71/$ for first time since December 2018.
It touched 71.02 per dollar intrday Today after it opened higher by 16 paise at 70.77 per dollar.
Rupee came under pressure against the US dollar ahead of the important inflation number that was released later in the evening. Data showed inflation in December grew at a slower pace as compared to the previous month. Inflation grew at 2.19% compared to 2.33% in the previous month raising hopes of rate cut in the upcoming RBI meeting. WPI also decelerated to an eight month low of 3.8% from 4.64% the previous month, on the back of softening inflation for fuel as well as manufactured items, said Motilal Oswal.
Slower than expected economic growth and benign inflation scenario could push the RBI to change its stance and cut rates to support growth. Today, USD-INR pair is expected to quote in the range of 70.40 and 71.20, it added.
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