The Indian Rupee is little moved against the Pound but managed to firm against the US Dollar after data showed that India’s economy expanded by 4.8% in the second quarter of the year.
According to the Indian Finance Ministry, GDP expanded by 4.8% in the third quarter of 2013 a faster pace than expected thanks to improved performances in the nations industry and agriculture sectors. Farming received a boost thanks to a strong monsoon period which boosted crop yields and exports rebounded.
The monsoon also replenished hydroelectric reservoirs which aided higher electricity generation in the country which in turn aided manufacturing and industry.
Agriculture grew 4.6% compared to 2.7% in the first quarter. Electricity production increased 7.7% against 3.7% during the same period. Growth in the community, social and personal services, indicative of government expenditure, slowed significantly to 4.2% from 9.4% in the June quarter.
The data supported expectations that a recovery is slowly under way in India following the summer’s rapid fall of the Rupee.
The report showed that GDP climbed from 4.4% to 4.8% and beat economist expectations for a rise to 4.6%.
The Rupee could come under pressure as tension build in Asia between neighbouring China and the Japanese. In news released today China confirmed that its fighter jets followed US and Japanese war planes as they flew across a controversial air defence zone.
Current Rupee (INR) Exchange Rates:
The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 102.1008
The Euro/Indian Rupee Exchange Rate is currently in the region of: 85.0906
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 62.4971
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 56.8405
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 50.7577
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.0128
(Correct as of 14:30 pm GMT)
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