The Indian Rupee has weakened against the US Dollar, Pound and Euro after following the downward movement of most Asian currencies. Major Asian currencies including the Japanese Yen and Korean Won have all weakened as investors choose to put their money into the safe haven Dollar.
The shift to the ‘Greenback’ has been helped by concerns over a possible global slowdown. Experts and brokerage houses tracking the Indian Rupee are bearish on the domestic currency despite huge inflows from the foreign institutional investors (FII).
Vibhav Kapoor of ILFS expects the Rupee to depreciate further despite heavy buying of Indian shares by foreign funds. Vibhav Kappor attributes the strength of the US dollar as the key reason for rupee to fall further even from current levels.
Mohan Shenoi of Kotak Mahindra Bank expects strong custodial flows to support the Rupee. “Reduced gold imports due to restrictions on consignment will be positive for the Rupee. However, Dollar strength against other major currencies will be a dampener,” he added.
The Rupee is expected to touch 55.35 in the coming days. USD/INR has been strongly holding below 55.02 levels for the past two consecutive sessions. For the time being those levels will act as strong resistance. Overall trend remains still firm targeting, but a decisive close above 55.02 only can make a way towards 55.35 levels.
Current Indian Rupee (INR) Exchange Rates
The Euro to Indian Rupee (EUR/INR) exchange rate is currently trading at 70.5584
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trading at 54.8497
The Australian Dollar to Indian Rupee (AUD/INR) exchange rate is currently trading at 53.7796
The British Pound to Indian Rupee (GBP/INR) exchange rate is currently trading at 83.4232
The Indian Rupee to Euro (INR/EUR) exchange rate is currently trading at 0.0141
The Indian Rupee to US Dollar (INR/USD) exchange rate is currently trading at 0.0182
The Indian Rupee to British Pound (INR/GBP) exchange rate is currently trading at 0.0119
These exchange rates were correct as of 11:45 am
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