Rupee ends up, eyes inflation data and Fed rate decision

The Indian rupee closed slightly higher against the US dollar as traders awaited domestic as well as US inflation readings ahead of the Federal Reserve’s monetary policy path this week. Domestic retail inflation data for India is due to be released at 5.30 pm IST. The rupee was mostly flat through the session despite weakness in the offshore Chinese yuan. The direction for the USD/INR should be ideally lower but likely buying by oil companies is preventing the move, according to Anil Kumar Bhansali, Head of Treasury of Finrex Treasury Advisors.