The Indian Rupee (INR) fell 4 paise to 83.55 against the US dollar on Monday due to strong American currency and increasing prices of crude oil. However, expected rate cuts by the Federal Reserve, persistent FDI, and lower US bond yields may help INR appreciation.
As per forex traders, positive developments in domestic equities and significant foreign fund inflows assisted the rupee and restricted the slide.
Due to the Reserve Bank of India’s (RBI) regular interventions, the local currency’s decline may be restricted further. Also, the value of INR may be prevented from falling to levels that would be close to multi-month lows.
Differentials in Interest Rates, differentials in Inflation, Current Account Deficits, Public Debt, and Terms of Trade are some of the factors which influence currency exchange rates.
Currency & Rates:
US Dollar – 83.573008
Euro – 91.016892
British Pound – 108.362662
Australian Dollar – 56.596500
Canadian Dollar – 61.167581
Singapore Dollar – 62.226216
Swiss Franc – 93.366575
Malaysian Ringgit – 17.875701
Japanese Yen – 0.528824
Chinese Yuan Renminbi – 11.505381
