During European trading the Rupee recovered losses against peers like the Pound and US Dollar as the Bharatiya Janata Party (BJP), India’s main opposition party, put in a solid performance at state elections. As the BJP are generally considered to be more business-friendly, the Rupee and domestic bonds rose in response to voting.
The Pound Sterling to Indian Rupee Exchange Rate was in the region of 100.0080 as of 10:25 GMT
The Rupee briefly advanced to a four-month high against its US counterpart before a downward correction left it trading in the region of 61.41.
As European trading progressed the Rupee eased slightly lower against the Pound as investors look ahead to Bank of England Governor Mark Carney’s speech, taking place today at 17:15 GMT.
The Rupee was also feeling the pressure ahead of this week’s Indian manufacturing and industrial production reports.
The data is forecast to show that both industrial and manufacturing output declined in October.
Indian inflation figures, due out on Thursday, are also likely to have a significant impact on the Rupee.
The Pound Sterling to Rupee (USD/INR) exchange rate hit a low of 99.2806
Over the last few months the Rupee has strengthened from historic lows of around 68 per Dollar to 60-61 per Dollar and according to Indian Economic Affairs Secretary Arvind Mayaram the ‘Rupee is now at its real value’.
However, if this week’s US data supports the case for the Federal Reserve tapering stimulus in December the Rupee could soften against its North American rival in the hours ahead.
Tomorrow’s UK industrial production data may impact the GBP/INR pairing, and if production is shown to have slowed as expected the Rupee could advance on its British counterpart.
Current Rupee (INR) Exchange Rates:
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 100.0080 >
The Euro/Indian Rupee Exchange Rate is currently in the region of: 83.6929 >
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 61.0100 >
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 55.4251 <
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 50.6929 >
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 57.4125 >
(Correct as of 10:25 GMT)
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