Yesterday’s better-than-expected US data, including consumer confidence and durable goods orders figures, caused the US Dollar to broadly strengthen against its peers. The safe-haven currency continued to trade strongly today, despite a report by the Commerce Department showing that the US economy expanded by less than anticipated in the first quarter of the year.
The US Dollar Exchange Rate was in the region of 60.7150 against the Indian Rupee as of 15:15 GMT
Although official sources have claimed that the Indian central bank has sold off US Dollars in an attempt to stem the Rupee’s volatility, the currency weakened beyond 60 per Dollar today, a new record low.
The previous record low of 59.98 was achieved on June 20th.
The Indian Rupee fell to 93.8134 against the Pound (GBP/USD)
Mumbai-based economists said of the Rupee’s 1.7 per cent slide: ‘This currency weakness was not triggered by India’s fundamentals. A weaker Rupee can add to inflationary pressure, widen the fiscal deficit and slow capital inflows, without having a positive effect on the current-account deficit.’
It is the concern of many industry experts that the Rupee’s extensive decline over the last few weeks could cause serious damage to the Indian economy.
Now that the currency has pushed beyond the psychological 60 barrier further drops are possible, and the odds of the Reserve Bank of India issuing a rate cut in the near future have fallen significantly.
Current Rupee (INR) Exchange Rates
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 93.3918 >
The Euro/Indian Rupee Exchange Rate is currently in the region of: 79.1359 >
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 60.7150 >
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 56.5135 >
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 47.4366 >
The Canadian Dollar/Indian Rupee Exchange Rare is currently in the region of: 58.0283 >
(Correct as of 15:15 GMT)
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