Rupee trades flat against US dollar

Traders awaiting the release of a key inflation gauge that may help shape the outlook of US monetary policy.

The Indian rupee opened little change against the US dollar even as Asian currencies were trading higher.

At 9.10am, the home currency was trading at 83.26 a dollar, up 0.02 percent from its previous close of 83.28 a dollar.

Traders awaiting the release of a key inflation gauge that may help shape the outlook of US monetary policy. Economists predict that the annual growth in the core personal consumption expenditure price index, the Federal Reserve's preferred gauge of underlying inflation, slowed to 3.3 percent in November from 3.5 percent the previous month.

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Asian currencies were trading higher. Malaysian ringgit rose 0.47 percent, South Korean won gained 0.45 percent, Philippines peso and Taiwan dollar were up 0.36 percent each while Thai Baht and Indonesian rupiah were up  0.24 percent and 0.18 percent respectively. Among losers, Japanese yen fell 0.23 percent, China Offshore lost 0.16 percent.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 101.83, down 0.01 percent from its previous close of 101.84.

(Bloomberg contributed to this story)

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