There was a bit of a risk-on environment overnight as investors weighed comments issued by Federal Reserve officials and global trade prospects were boosted by positive Chinese GDP data.
The US Dollar to Indian Rupee Exchange Rate was in the region of 61.3000 as of 11:10 GMT
Consequently, the emerging-market Rupee rallied to an over two-month high against its North American currency rival.
During the local session the Rupee broke through the psychological 61 Rupee per Dollar level as the likelihood of the Federal Reserve tapering stimulus before 2014 declined.
While giving a speech in Minnesota, Reserve Bank of Chicago President Charles Evans asserted that it’s ‘not yet time to remove accommodation. I believe this [bond buying] program should continue until we are confident that there has been a sustainable improvement in the labour market.’
Meanwhile, President of the Minneapolis Federal Reserve Narayana Kocherlakota commented that the possibility of stimulus being trimmed shouldn’t be discussed publically by officials at the present time.
The US Dollar to Rupee (USD/INR) exchange rate hit a high of 61.7100
As the prospect of the US central bank reigning in easing was what triggered the Rupee’s rapid decent only a few months ago, hopes that such action will be delayed for months to come gave the emerging-market asset a boost.
Meanwhile, investor appetite for higher risk assets was whetted by news that China’s economy grew by more than expected in the third quarter.
But gains proved short lived and the Rupee wiped out its rally against the ‘Buck’ as Bloomberg TV reported that India’s government is contemplating closing the Dollar swap window currently being offered to oil companies.
The Rupee also extended declines against the Pound as yesterday’s 0.7 per cent gain in UK retail sales continued to support Sterling.
Current Rupee (INR) Exchange Rates:
< Down > Up
The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 99.2187 >
The Euro/Indian Rupee Exchange Rate is currently in the region of: 83.8534 >
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 61.3000 >
The Australian Dollar/Indian Rupee Exchange Rate is currently in the region of: 58.8788 >
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 52.0135 >
The Canadian Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.4466 <
(Correct as of 11:10 GMT)
Comments are closed.