The Indian Rupee has strengthened against the US Dollar (INR/USD) thanks to a rally in global risk boosting currencies across Asia. Further gains however could be difficult to attain as persistent demand for the US currency from oil firms prevents sharper rises.
Traders and economists said that the broad rally in risk appetite helped sparked demand for the Rupee from foreign funds looking to invest in Indian stocks, with India’s share index closing at up by 0.6%. Despite the supportive factors from the wider world, domestic Indian economic data has done little to boost investor confidence in the Rupee.
“The near-term direction for the rupee is very uncertain and largely dependent on the global risk sentiment,” said Samir Lodha, managing director at QuantArt Market Solutions.”There are inherent fragilities in INR like high current account and fiscal deficits, dependence on capital inflows, inflation and low growth. So INR appreciation is unlikely to be sustained,” he added.
The Indian currency could see some support if the nation’s Central Bank does what many investors are hoping it will do and cut interest rates at its next policy review due to be held on March the 19th. Next week sees the country unveil its latest industrial output and inflation data next week which will be critical indicators of that decision.
Current INR Exchange Rates
The Euro to Indian Rupee (EUR/INR) exchange rate is currently trading at 71.5229
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trading at 54.7690
The British Pound to Indian Rupee (GBP/INR) exchange rate is currently trading at 82.8872
The Indian Rupee to Euro (INR/EUR) exchange rate is currently trading at 0.0139
The Indian Rupee to US Dollar (INR/USD) exchange rate is currently trading at 0.0182
The Indian Rupee to British Pound (INR/GBP) exchange rate is currently trading at 0.0120
These exchange rates were correct as of 12:45 pm
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