The Indian rupee is trading in a tight range today amid a modest recovery in local stock markets. INR is also tracking positive macroeconomic data on the local front. Indias retail inflation softened to a three-month low of 5.1% in January on moderating food price growth, while industrial output rose at a steady pace of 3.8% year-on-year in December after easing sharply in the previous month. INR edged up 7 paise to close at 83 against the US dollar on Monday and currently lingers around the same mark. Meanwhile, the US dollar index quotes flat around 104 level. Investors also looked ahead to the release of US CPI data and speeches by Federal Reserve officials due this week for fresh clues on when the Federal Reserve is likely to begin cutting interest rates.
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