The Rupee opened stronger on Thursday as the greenback fell globally on Wednesday after a lower-than-expected US inflation print for July. The US labor department on Wednesday said consumer prices in the US rose 8.5% on year in July, down from a four-decade high of 9.1% in June. This raised expectations of less aggressive interest rate hikes by the US Federal Reserve. Chicago Fed President Charles Evans reportedly said inflation is still unacceptably high, and the Fed will likely need to lift its policy rate to 3.25%-3.50% this year and to 3.75%-4.00% by the end of next year. Asian share indices rose tracking gains on the Wall Street. This is expected to further provide support to the Indian Rupee. Foreign and private banks are expected to sell dollars for investment by overseas funds into the initial public offer of Syrma SGS Technology Ltd, which is expected to further provide support to the rupee.......
Asian share indices were buoyed in early trade tracking Wednesday's gains on the Wall Street due to a lower-than-expected US CPI print for July, which led investors to favour equities. Financial markets in Japan are closed today on account of the observance of Mountain Day. The US Labor Department on Wednesday said CPI rose 8.5% on year in July, down from four-decade high of 9.1% in June. Food price increases remained torrid even as a fall in fuel prices offered some relief, keeping the index flat against June. US stock indices surged after the inflation print as investors moved to risky assets for higher returns betting on a softer pace of rate hikes by the US Federal Reserve going forward.......