The Indian Rupee strengthened against the US Dollar on Monday, rising by 10 paise or 0.18% against the American currency and is expected to continue to make gains as investors hope that the Reserve Bank of India will follow through with its plans to slash its interest rates as its monetary policy review on the 3rd of May.
The Rupees rise against the ‘Greenback’ has occurred due to the increased selling of US Dollars on the Interbank Foreign Exchange market by exporters. The strengthening of the Euro and Japanese Yen against the US currency in overseas markets and higher opening in the equity market also generated support for the Rupee.
The currency is close to recovering the 15 paise loss it suffered last Friday due to month-end Dollar demand from importers and heavy capital outflows amidst weak local stocks. With expectations for the Reserve Bank to cut its benchmark interest rate by 25 basis points the USD/INR currency pair looks set to remain range bound until May 3rd.
Current Indian Rupee (INR) Exchange Rates
The Euro to Indian Rupee (EUR/INR) exchange rate is currently trading at 71.0689
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trading at 54.2553
The Australian Dollar to Indian Rupee (AUD/INR) exchange rate is currently trading at 56.1011
The British Pound to Indian Rupee (GBP/INR) exchange rate is currently trading at 84.2941
The Indian Rupee to Euro (INR/EUR) exchange rate is currently trading at 0.0140
The Indian Rupee to US Dollar (INR/USD) exchange rate is currently trading at 0.0184
The Indian Rupee to British Pound (INR/GBP) exchange rate is currently trading at 0.0118
These exchange rates were correct as of 10:05 am
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