Mumbai : The Indian rupee opened marginally higher by 1 paise at 67.15/$ against US Dollar on Tuesday as against the previous close of 67.16/$.Today, markets look forward to India Q4 (FY15‐16) GDP reading, wherein expectations call for a growth of 7.5% (yoy). In Japan, Industrial production during April contracted by 3.5% on yoy basis, a sharp fall when compared with a rise of 0.2% during March. However, the number was better than the expectations for a decline of 5%. Household spending during April fell 0.4% on yoy basis, indicating moderation in decline from the prior month number of 5.3% decline. Persistent weakness in consumer spending will compel the Japanese regime to delay the hike in sales tax (planned for April 2017).
The Indian currency ended weaker by 13 paise at 67.16/$. The local unit had hit a high of 67.47 and a low of 67.51. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.33 and for Euro stood at 74.84. The RBI’s reference rate for the Yen stood at 60.49; reference rate for the Great Britain Pound (GBP) stood at 98.4373.