Rupee ends flat; investors brace for US inflation data

The Indian rupee remained mostly unchanged on Wednesday despite fluctuating throughout the day, ending at 81.9850 to the dollar. The US is set to release key inflation figures, prompting uncertainty in markets. Although flat inflation is expected in the US, Gaurang Somaiya, FX and bullion analyst at Motilal Oswal believes there will be limited appreciation in the rupee. Money markets anticipate at least a couple of rate cuts before the end of the year. Madhavi Arora, Emkay Global Economist, expects the dollar-rupee rate to average 81.50 in FY24 and may expect to see 79 per dollar for the year.