The Indian Rupee has strengthened for a second day against the US Dollar over speculation that more monetary stimulus in developed nations will increase inflows to the higher-yielding emerging currency market.
So far this year up to $8.2 billion has been put into Indian stocks by Global funds and their holdings of India’s debt has soared to a record $33.8 billion in February.
“India has seen inflows largely because of global liquidity,” said Paresh Nayar, head of money markets and currency trading at FirstRand Ltd. (FSR) in Mumbai. “The flows are likely to continue for some time, as any withdrawal of stimulus would mean policy makers have utmost confidence in the recovery.”
With the prospect of a global currency war still a possibility the Rupee could see further benefits as nations take action to weaken their own currencies. Japan especially is offering the potential for further monetary easing as rumours mount that Japanese Prime Minister Shinzo Abe will nominate the pro monetary easing Haruhiko Kuroda to be the next governor of the Japanese Central Bank.
Current Indian Rupee Exchange Rates
These rates were correct as of 11:25 pm
The Indian Rupee to Pound exchange rate is currently trading at 0.01225
The Indian Rupee to US Dollar exchange rate is currently trading at 0.01854
The Indian Rupee to Euro exchange rate is currently trading at 0.01401
The Pound to Indian Rupee exchange rate is currently trading at 81.6575
The Euro to Indian Rupee exchange rate is currently trading at 71.3845
The US Dollar to Indian Rupee exchange rate is currently trading at 53.9364
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