The Rupee approached the end the week of the week strongly after storming to a two-month high against the US Dollar.
The US Dollar to Indian Rupee Exchange Rate was in the region of 61.0500 as of 11:35 GMT
The Indian asset also strengthened against several of its other most traded peers as confidence in the Reserve Bank of India’s attempts to bolster the nation’s economy and restrain the current account deficit lent the Rupee support.
Ongoing discussions in the US, which investors hope will end with a default being avoided, lifted the emerging-market Rupee further and helped the currency achieve a high of 61.0450 against its North American rival.
The US Dollar to Rupee (USD/INR) exchange rate hit a low of 61.0100
In response to the Rupee’s movement currency expert Paul Mackel commented; ‘The Rupee’s progress is gathering momentum for now.’
Similarly, a representative from India Forex Advisors commented; ‘The initial weakness in the Rupee was mainly attributed to the strength in the US Dollar. Later, a spur of gain was seen on the back of local banks selling Dollars. The market is expecting some more measures to be announced, which would further help the Rupee to gain.’
The Rupee’s advance was also largely aided by Finance Minister Palaniappan Chidambaram asserting that the International Monetary Fund’s growth projections for India were pessimistic. Chidambaram believes the nation’s economy will actually expand by 5-5.5 per cent in the fiscal year, rather than the 3.75 per cent estimated.
While he acknowledged that his optimistic outlook was not shared by the IMF, Chidambaram listed factors like robust farm output as reasons why growth of 5 per cent is achievable.
However, today’s Indian industrial/manufacturing output data could be responsible for additional Rupee movement before the close of trade.
Current Rupee (INR) Exchange Rates:
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 97.6425 <
The Euro/Indian Rupee Exchange Rate is currently in the region of: 82.8787 >
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 61.0500 <
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 57.8531 >
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 50.9546 <
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 58.7754 <
(Correct as of 11:35 GMT)
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