Retail inflation declined sharply to 4.59 per cent in December, primarily due to falling food prices, government data indicated on Tuesday.

Retail inflation based on the Consumer Price Index (CPI) was 6.93 per cent in November. Food inflation declined to 3.41 per cent in December in 2020, compared to 9.5 percent in the previous month, according to the data released by the Ministry of Statistics and Programme Implementation. The Reserve Bank of India (RBI) factors in retail inflation while arriving at its monetary policy.

In the currency market, Indian Rupee recovered to end near the day’s high of 73.25 versus the US dollar, amid buying seen in the domestic equity market on Tuesday. The local currency unit opened 4 paise lower at 73.42 per dollar against the previous close of 73.38 tracking the rebound in the USD and muted opening of domestic equities early on.

The rupee remained in the range of 73.24-73.47 during Tuesday’s trade against the greenback. It ended 13 paise higher. 

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