The US Dollar to Indian Rupee (USD/INR) exchange rate softened by around -0.19% on Wednesday. This is as a result of oil prices headed towards the biggest annual decline since 2008.
The US Dollar to Indian Rupee exchange rate is currently trending in the region of 63.2630.
yesterday…
The US Dollar to Indian Rupee (USD/INR) exchange rate advanced by around 0.24% on Monday. This can be attributed to importers purchasing large amounts of US Dollars in order to pay year-end bills. The Indian Rupee, meanwhile, softened on quiet trading. The Surging US Dollar has also compounded Rupee losses on dampened demand for emerging-market currencies.
The US Dollar to Indian Rupee exchange rate is currently trending in the region of 63.6630.
US Dollar (USD) Exchange Rate Stronger after Third-Quarter GDP
Although the US Dollar seems to have reached a plateau on Monday, it has remained strong against the majority of its most traded rivals. This is as a result of the much better-than-anticipated third-quarter Gross Domestic Product. This, in turn, has amped speculation that the Federal Reserve will tighten monetary policy in the near-future.
‘Rates will be rising in the U.S. in 2015,’ Peter Fisher, the former Fed official and undersecretary for domestic finance at the U.S. Treasury, said in a Dec. 22 interview. ‘Globally, there will be divergence in monetary policy and growth across a number of countries,’ said Fisher, senior director at the BlackRock Investment Institute and the former head of fixed income at New York-based BlackRock Inc.
Adding to the US Dollar surge has been heightened demand for year-end bill paying by importers. There seems to be ‘all-round Dollar buying’ by importers, Naveen Raghuvanshi, a Mumbai-based trader at DCB Bank Ltd., said Dec. 26.
The Dallas Federal Reserve Manufacturing Activity declined beyond the median market forecast of a drop from 10.5 to 9.0, with the actual result dropping to 4.1. However, the significant declination has had minimal impact on US Dollar movement amid quiet trading.
The US Dollar to Indian Rupee exchange rate dropped to a low today of 63.5130.
Indian Rupee (INR) Exchange Rate Softens on US Dollar Surge
Like the majority of emerging-market currencies, the Indian Rupee softened as a result of the US Dollar surge. The quiet markets are also contributing to the lack of Rupee movement. ‘We expect the Rupee to trade in a tight range because the market is pretty illiquid as we approach the year-end,’ said Ashtosh Raina, Mumbai-based head of foreign-exchange trading at HDFC Bank Ltd.
US Dollar to Indian Rupee (USD/INR) Exchange Rate Forecast to Hold Steady
Although there is a US economic data publication due on Monday afternoon, the Dallas Federal Reserve Manufacturing Activity is unlikely to have a significant impact of Dollar movement, not least during quiet trading.
The US Dollar to Indian Rupee exchange rate has reached a high today of 63.7100.
