Rupee rises on lower-than-expected inflation

Reuters Market Eye - The rupee gains gains after data shows a slower-than-expected rise in wholesale inflation in January. The pair trading at 53.84/85 from 53.89/90 levels before the data.

USD/INR closed at 53.82/83 on Wednesday.

India's annual wholesale price inflation eased to 6.62 percent in January, below expectations of 7 percent. Core inflation rose 4.1 percent, slower than an expected 4.2 percent rise. (Read full story http://in.reuters.com/article/2013/02/14/india-economy-inflation-idINDEE91C0GE20130214)

The pair is seen holding in a 53.70 to 53.90 range during the rest of the session.

(Reporting by Swati Bhat)