The Indian Rupee has made its biggest gain since September 2012 after it paired monthly and quarterly declines as investors changed their expectation regarding the proposed reduction in US stimulus measures.
The rise comes after Federal Reserve Bank of New York President William Dudley said that Fed policy makers may extend the asset purchasing programme if the US economy shows signs that it will not meet their expectations for recovery.
Confidence in the Rupee was also bolstered after India’s cabinet agreed to increase the price of natural gas in the country.
The gas-price increase “is a huge positive for the rupee as it will reduce dependence on imports in the medium-term and cut the trade deficit” by encouraging local exploration, said Harihar Krishnamoorthy, Mumbai-based treasurer at the Indian unit of FirstRand.
“We should see more voices from the U.S. downplaying global concerns and the rupee should see a more steady correction from here.”
So far today the Rupee has surged by 1.5% against the US Dollar and made strong gains against the Pound and Euro.
Current Indian Rupee (INR) Exchange Rates
< Down > Up
The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 90.5408 <
The Euro/Indian Rupee Exchange Rate is currently in the region of: 77.5207 <
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.3851 <
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 46.3282 <
(Correct as of 12:00 pm GMT)
Comments are closed.