The Indian currency declined 27 paise to 44.72 as compared to the US dollar during the morning session on continued dollar demand from banking institutions and importers on account of higher dollar in abroad amid sustained capital outflows from overseas funds.

The Indian unit gained 18 paise to Rs 44.24 as against the U. S. currency during early trade on the Interbank Foreign Exchange today, broadening its gains for the fifth consecutive trading session on account of capital inflows and a tautening trend in the Indian bourses.

For the week ended March 12, the country's annual rate of food inflation increased to 10.05% after declining for three consecutive weeks.

Food inflation, which was dropping since early March, was recorded at 9.42% during the last week.

India gold futures are expected to expand gains during this week and hit yet another high on account of growing crude oil that heightens the yellow metal's request as an inflation hedge.

The most-active gold for the next month delivery on the Multi Commodity Exchange (MCX) was ruling 0.60% up at Rs 21,224 per 10 grams at 1:01 p. m., after touching a peak of Rs 21,235 earlier in the session.

The Indian currency gained today along with benefits in its Asian peers, and backed up by a rally in the securities market.

Foreign fund flows into and out of equities remained a major driver for the Indian unit.

The main stock index was on target to record its second weekly increase in three after Monday's yearly budget forecast financial growth to remain strong.

For the week ended February 19, food inflation dropped over one percentage point to 10.39% headed by a declension in rates of onions, potatoes and pulses.

But, rates of fruit, milk and veggies as a group remained up.

Food inflation remained at 11.49% during the earlier reporting week and 21.62% in the same period a year ago.

For the week ended January 29, food inflation declined to a seven week low of 13.07% as the rates of pulses came down, even as veggies remain pricey.

Snatching up the two week growing tendency, food inflation dropped around 4 percentage points during the week as compared to 17.05% during the week ended January 22.

The administration today reviewed the gross domestic product growth rate for the 2009-10 fiscal year upward to 8% as against the previous figure of 7.4% on account of enhanced recital of the manufacturing and services segments.

Finance Minister Pranab Mukherjee announced that the measures taken by the central banking institution to cool inflationary pressures were compatible with administration plans and were destined to forward a sturdy indication that inflation has to be embarked upon.

Buoyed by rustic as well as global sales, Wipro Consumer Care and Lighting (WCCL) recorded a 21% increase in its income, which stood at Rs 695 crore for the three month period ended December 31, 2010 as against the same period a year ago.

WCCL's EBIT during the said period grew by 14% to Rs 85 crore.