Indian rupee that jumped to a new multi-week high of 47.8850 against the dollar at 2:55 am ET lost ground thereafter. At present, the dollar-rupee pair is trading near yesterday's New York session close of 48.1250. If the Indian currency weakens further, it may likely target the 48.25 level. India's inflation rate for the week ended September 5 turned positive after 13 weeks at 0.12%. In the preceding week, the rate was negative at 0.12%. The annual rate of inflation was 12.42% for the corresponding week of the preceding year, say data released today by the Ministry of Commerce and Industry.

Source