Indian rupee slightly higher versus dollar as India's inflation declines to 12.40%

The Indian rupee gains a bit of ground versus the US dollar on Thursday morning in New York, following a government report showed that India's inflation, based on the wholesale price index fell to 12.40% during the week ended August 16 from 12.63% recorded during the week ended August 9.

Economists had expected the wholesale price index to grow 12.82% for the week under review. The Indian rupee that traded as low as 43.835 against the US dollar in early trading advanced to 43.445 by 8:45 am ET Thursday. As of now, the pair is trading near 43.73. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved