The Indian Rupee has rallied to a two week high against the US Dollar and made a second day of gains against a number of its peers as doubts over tapering of the Federal Reserve easing programme and expectations that the currency has been badly oversold supported it.
The Rupee hit a record low last week but today economists are expecting the troubled currency to stabilise in the 66 per Dollar region by the end of September.
The currency’s fortunes saw a positive reversal after the appointment of new Reserve Bank of India governor Raghuram Rajan improved sentiment. The new governor announced a host of new proposals to support the Rupee and open up India’s markets all of which provided investors with hope after they were unnerved by the country’s worst economic crisis in twenty years.
The Rupee received further support after jobs data out of the United States disappointed the markets after coming in weaker than expected.
According to the Washington based Labor Department, the number of new payrolls rose by 169,000 in August. A disappointing figure as economists had been calling for a rise of 180,000 new jobs. The overall unemployment rate fell to 7.3%. The report also showed that the U.S. private sector added 152,000 jobs last month, compared to expectations for an 180,000 rise, following a downwardly revised increase of 127,000 in July. The data has created doubts as to whether the Federal Reserve will opt to taper its monetary easing policy later this month.
The markets in India are closed on Monday for a public holiday
Current Rupee (INR) Exchange Rates:
The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 101.9492 <
The Euro/Indian Rupee Exchange Rate is currently in the region of: 85.8505 <
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 65.4054 <
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.8472 <
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 51.9678 <
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 62.5552 <
(Correct as of 15:00 pm GMT)
Comments are closed.