The Indian Rupee has tumbled to an 11-week low against the US Dollar and weakened against the majority of its most traded peers due to speculation that Indian importers are set to increase their Dollar purchases as they pay their end of month bills.
The Rupee has extended its losses this month to 2.2% as companies repaid loans or refinanced overseas borrowing around the start of the last fiscal year.
“It is going to be range bound trade today with both importers and exporters in the market,” said Vikas Babu, a foreign-exchange trader in Mumbai at state-run Andhra Bank. “Investors will be awaiting Bernanke’s testimony this week” for signals on the prospects of U.S. stimulus policies, he said.
The US Dollar meanwhile has weakened against the majority of its peers has weakened against a number of its peers and fallen to as low as ¥102 against the Japanese Yen. The Dollar fell against the Euro and Sterling as demand for riskier currencies improved.
Comments made by the chief executive of Goldman Sachs bolstered the Euro against the ‘Greenback’ after telling reporters that he was confident that the Euro will survive. Goldman Sachs chief executive Lloyd Blankfein who said that he was confident the Euro will survive despite the debt crisis. He rejected the view of billionaire investor George Soros that Germany should exit the Euro and didn’t accept the idea of joint liability for sovereign debt through so-called Euro bonds.
Prior to Blankfein’s comments the Euro was close to a six-week low against the ‘Greenback’ due to speculation that the Federal Reserve will slow its asset purchasing programme.
Current Indian Rupee (INR) Exchange Rates
The Euro to Indian Rupee (EUR/INR) exchange rate is currently trading at 70.7602
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trading at 54.9681
The Australian Dollar to Indian Rupee (AUD/INR) exchange rate is currently trading at 53.7693
The British Pound to Indian Rupee (GBP/INR) exchange rate is currently trading at 83.5523
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 0.0181
The Indian Rupee to British Pound (INR/GBP) exchange rate is currently trading at 0.0119
These exchange rates were correct as of 11:05 am
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