US Dollar to Indian Rupee (USD/INR) Exchange Rate Falls 29 Paise
By the close of trading on Tuesday the Rupee had advanced by 29 paise against the US Dollar, with the US Dollar to Indian Rupee (USD/INR) exchange rate falling to a low of 63.3550.
The currency’s movement saw industry expert Pramit Brahmbhatt comment; ‘We have seen some foreign investors buying in domestic debt and even the Dollar index fell in evening session which helped Rupee to strengthen further. The trading range for the spot Rupee is expected to be within 63-63.70.’
Today’s batch of US news (including the nation’s initial jobless and continuing claims stats) could cause additional US Dollar to Indian Rupee exchange rate movement.
Earlier…
USD/INR Exchange Rate Extends Decline
The US Dollar to Indian Rupee (USD/INR) exchange rate continued trading in a weaker position on Tuesday after the level of consumer sentiment in the US failed to increase by as much as anticipated.
A rebound in the confidence gauge from 88.7 to 92.6 was positive, but a move closer to October’s high of 94.1 had been anticipated.
The US Dollar to Indian Rupee (USD/INR) exchange rate moved to trade within the region of 63.3800.
Earlier…
The US Dollar to Indian Rupee (USD/INR) exchange rate’s uptrend halted on Tuesday as the Rupee climbed by over 0.6% against its US counterpart.
The Indian Rupee to US Dollar (INR/USD) exchange rate gained 0.68% while the US Dollar to Indian Rupee (USD/INR) exchange rate fell by -0.3%.
Indian Rupee Exchange Rate Falls to 13-Month Low
On Monday the Indian Rupee fell beyond a 13-month low against the US Dollar as a result of buoyant Dollar demand from importers.
At the time, industry expert Pramit Brahmbhatt stated; ‘Rupee started the last week of the year on a weaker note and depreciated by ten paise for the day, due to Dollar demand from oil companies which dented Rupee movement. Local equities closed on a positive note which capped the Rupee losses. The trading range for the sport Rupee is expected to be within 63.20 to 64.00.’
The Indian Rupee to US Dollar (INR/USD) exchange rate achieved a high of 0.0158
Indian Rupee (INR) Supported by Weakening US Dollar (USD)
However, on Tuesday the US Dollar to Indian Rupee (USD/INR) exchange rate fell by around 0.3% as the Rupee enjoyed a rebound.
Monday’s disappointing Dallas Fed Manufacturing Activity Index, falling Asian stocks and a recovering Yen all contributed to a softening in the US Dollar.
The Rupee was also supported against the ‘Greenback’ by foreign institutional investors buying government bonds worth over 8 billion Rupees.
The US Dollar to Indian Rupee (USD/INR) exchange rate softened to 63.47.
The upswing in the emerging-market asset saw foreign exchange trader Hari Chandramgethen note; ‘Some corporate Dollar selling and rise in major Asian currencies, led by the Japanese Yen, are aiding the Rupee.’
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate also softened by over -0.3% on Tuesday.
US Dollar to Indian Rupee (USD/INR) Exchange Rate Forecast
While the Rupee has ended a four-day losing streak against the US Dollar, the Indian asset is still trending in the region of a 13-month low, and more losses could be recorded before the close of the North American session.
Later today the US will publish its consumer confidence figure for December.
The index is believed to have advanced from 88.7 in November to 94 – such a solid result would bolster Federal Reserve Rate Hike speculation and give the US Dollar a boost.
Tomorrow’s Indian Government Budget Value report could have an impact on the US Dollar to Indian Rupee exchange rate, as could the US Initial Jobless and Continuing Claims Figures and Pending Home Sales data.
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trending in the region of 63.4180
The Indian Rupee to US Dollar (INR/USD) exchange rate is currently trending in the region of 0.0158
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 98.4190
The Indian Rupee to Pound Sterling (INR/GBP) exchange rate is currently trending in the region of 0.0102
