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5 Things To Know About The Indian Rupee’s Rise Against The US Dollar

Indian Rupee's Rise

Indian Rupee’s Rise was almost 6 % against the US dollar in 2017, buoyed by strong inflows into Indian capital markets. The rupee (INR) increased to 63.44 against the US dollar. Continuing its strength against the greenback in the New Year 2018. It is the highest value of the rupee against the US dollar since July 2015. On Monday, the rupee had kicked off the New Year on a bullish note by surging to 63.68 a dollar. A gain of 19 paise against its US counterpart. Globally, the US dollar fell against major currencies today. The rupee traded in the range of 63.76-63.48 against the US dollar.

5 Things To Know About The Indian Rupee’s Rise Against The US Dollar

  • For the whole of 2017, the US dollar index slid more than 9.8 % the greenback’s worst annual performance since 2003. The dollar (USD) retreated in 2017, partly because economic growth picked up outside the United States, with other countries’ central banks moving towards tighter monetary policy.
  • Traders also said that increased selling of the American currency by banks and exporters lifted the rupee against the dollar.
  •  The rupee had risen almost 6% against the US dollar in 2017, buoyed by strong inflows into Indian capital markets. Besides, the dollar had also flagged against other global currencies.
  • In the first quarter of 2018, the rupee could be mildly positive against US dollar and may rise up to 63.00 levels, says forex advisory firm IFA Global. The forex advisory firm said, “But on back of global growth and stronger data, US Fed along with other central banks could move towards rate hike and balance sheet trimming. This can be seen capping the rupee’s gains above 62.50 levels in remaining quarters or until the end of 2018. Overall, our view remains positive for rupee in 2018,”.
  • The US dollar today languished near a three-month low versus a basket of major currencies. The dollar’s index against a basket of six major currencies stood at 92.162. On Friday, it had slipped to as low as 92.080 – the weakest level since 22 September.

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