The Indian Rupee has fallen to its lowest level in a week against the US Dollar over concern that the Federal Reserve will choose to scale back stimulus measures that have contributed to inflows to emerging markets such as the Rupee and other Asian currencies.
Comments made by Federal Bank of San Francisco President John Williams sparked the Rupees downward movement after saying that the central bank may choose to reduce its $85 billion monthly bond-buying programme by as soon as the summer.
Williams’ comments come amidst growing signs that the US economy is gaining in strength.
The ‘Greenback’ hit a six-week high against the Euro and rose to its highest overall level in ten-months due to improving sentiment towards the US economy.
The positive data released over the past few weeks has increased speculation that the Federal Reserve will reduce stimulus.
The Rupee tracked edged upwards against the Euro on Friday as the Euro weakened further against the US Dollar due to a combination of continuing weak data out of the Eurozone and rising speculation that the US Federal Reserve could announce that it would slow the rate of its bond purchases.
The Eurozone economy has slipped deeper into recession following the release of GDP data that showed that the troubled region contracted by 0.2% in the first quarter of 2013.
Current Indian Rupee (INR) Exchange Rates
The Euro to Indian Rupee (EUR/INR) exchange rate is currently trading at 70.6630
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trading at 54.8665
The Australian Dollar to Indian Rupee (AUD/INR) exchange rate is currently trading at 53.4757
The British Pound to Indian Rupee (GBP/INR) exchange rate is currently trading at 83.6342
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 12:30 am
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