The Indian Rupee tumbled to its lowest level in nearly nine months against the US Dollar as investors continue o favour the US currency on signs that the world’s biggest economy is making a strong recovery.
The Dollar strengthened against the majority of its most traded peers as economists forecast that the latest consumer confidence data out f the states is likely to climb to its highest level since November 2012. Other data is expected to show that house prices in the United States increased by their biggest amount since April 2006.
The Rupee could make a recovery throughout the week however as the currency could find support from the Reserve Bank of India’s curbs against the buying of gold as it attempts to reign in its record high current-account deficit . The Bank confirmed on Monday that lenders cannot make loans using units of gold exchange traded funds as collateral. India’s monetary authority has also limited imports of the precious metal by banks.
“Today’s depreciation is largely due to the broad dollar strength,” said Ashtosh Raina, Mumbai-based head of foreign-exchange trading at HDFC Bank.“The Rupee is likely to stay range-bound as inflows are there.”
Investors are keenly waiting for Friday’s release of the latest Indian GDP data. The data will be the key data to show whether the country has gained in the first quarter of 2013 and will give investors an indicator as to whether the Indian Central Bank will alter interest rates in the near future.
Current Indian Rupee (INR) Exchange Rates
The Euro to Indian Rupee (EUR/INR) exchange rate is currently trading at 72.0837
The US Dollar to Indian Rupee (USD/INR) exchange rate is currently trading at 55.8315
The Australian Dollar to Indian Rupee (AUD/INR) exchange rate is currently trading at 53.9835
The British Pound to Indian Rupee (GBP/INR) exchange rate is currently trading at 84.2689
The Indian Rupee to Euro (INR/EUR) exchange rate is currently trading at 0.0138
The Indian Rupee to US Dollar (INR/USD) exchange rate is currently trading at 0.0179
The Indian Rupee to British Pound (INR/GBP) exchange rate is currently trading at 0.0118
These exchange rates were correct as of 10:50 am
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