After plummeting to a record-low against the US Dollar as emerging market currencies took a hit following the Federal Reserve’s latest policy statement, the Rupee was able to recover slightly during the local session.
The US Dollar Exchange Rate was in the region of 59.3400 against the Indian Rupee as of 10:10 am GMT
The Rupee strengthened to 59.38 from 59.80 as trade progressed.
Rupee losses were also restrained as the Euro gained modestly on the US Dollar.
Meanwhile, with hopes rising that a weaker Rupee will boost overseas earnings, India’s Software exporters also gained.
Also today, top ratings agency Moody’s Investors Service asserted that the weakness of the Rupee, while not majorly affecting India’s ability to repay foreign debt, could have an impact on the nation’s credit rating.
As it stands India has a credit rating of Baa3, the lowest investment-grade level, but with a stable outlook.
The rating is determined based on several economic factors, including the exchange rate, current account trends, capital flows and macro-economic imbalances.
Yesterday the USD/INR exchange rate was at a record 59.9850 Rupee per US Dollar
According to Atsi Sheth, a Moody’s official: ‘Given the very low level of foreign currency debt owed by the Indian government, Rupee depreciation does not significantly affect sovereign debt repayment capacity. However, it is a reflection of macro-economic challenges, which do affect the country’s credit profile.’
Current Rupee (INR) Exchange Rates
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 91.9262 <
The Euro/Indian Rupee Exchange Rate is currently in the region of: 78.3992 <
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.3400 <
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 54.8262 >
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 46.1152 <
The Canadian Dollar/Indian Rupee Exchange Rare is currently in the region of: 57.1917 <
(Correct as of 10:10 am GMT)
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