The Indian Rupee has weakened against the US Dollar after it recouped some of its losses and edged away from Tuesday’s all time record low, after the Indian Reserve Bank intervened to prevent a slide below 60 Rupee per Dollar.
The Rupee opened at 58.10 per Dollar
The Rupee opened at 58.10 per Dollar, down by 31 paise compared to Wednesday’s close of 57.79 per Dollar.
The Indian Rupee once more fell after the World Bank cut its growth forecasts for the global economy. It said that it expects the global economy will expand by 2.2% in 2013 compared with its January forecast of an improvement of 2.4%.
The Bank’s announcement combined with worries that Central Banks will scale back their monetary easing programmes to counter the Bank of India’s attempts to boost Dollar supplies and sent investors seeking shelter in safer haven currencies.
On Wednesday the Reserve Bank of India intervened in the market to prevent the Rupee sliding beyond the record low level recorded on Tuesday. The action taken led to Fitch Ratings revising India’s credit-rating outlook from negative to stable.
The move “reflects the measures taken by the government to contain the budget deficit and “some, albeit limited, progress in addressing some of the structural impediments to investment and economic growth,” the company said.
Claudio Piron of Bank of America Merrill Lynch feels the rupee could stabilise at a higher range. “While there is no doubt about issues facing the rupee, a move above 60/USD would be overdone. Our year-end target for the rupee stands at 57/USD,” he added.
Current Rupee (INR) Exchange Rates
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 91.2738 >
The Euro/Indian Rupee Exchange Rate is currently in the region of: 77.7746>
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 58.2752 >
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 55.2845 >
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 46.3244 >
The Canadian Dollar/Indian Rupee Exchange Rare is currently in the region of: 57.2292 >
(Correct as of 10:00 am GMT)
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