The Indian Rupee has made its biggest gains in two weeks due to being aided by inflows related to a debt auction.
Most state banks were being thinly staffed due to a strike but that did little to prevent foreign investors from buying rupees at a debt-limit sale. India is expected to auction $12.3 billion, including $10 billion of new government and corporate bond limits on Friday.
The bank works strike is due to last throughout Wednesday and continue into Thursday as workers seek a raise in wages. The lack of staff at financial institutions is expected to affect the volume of traded goods over the course of the strike.
Since the currency hit a one-month low on Monday foreign investors have been jittery ahead of the federal budget due to be announced on February the 28th. The markets are waiting to see whether Finance Minister Palaniappan Chidambaram puts fiscal discipline over election largesse.
The currency markets are also unsure whether Reserve Bank of India governor Duvvuri Subbarao intends to make further interest rate cuts.
These rates were correct as of 12:25 pm
The Indian Rupee to Pound exchange rate is currently trading at 0.01197
The Indian Rupee to US Dollar exchange rate is currently trading at 0.01848
The Indian Rupee to Euro exchange rate is currently trading at 0.01378
The Pound to Indian Rupee exchange rate is currently trading at 83.51915
The Euro to Indian Rupee exchange rate is currently trading at 72.56999
The US Dollar to Indian Rupee exchange rate is currently trading at 54.10006
Comments are closed.