Indian Rupee (INR) Exchange Rate: Rupee Enjoys Best Weekly Performance for Three Months
Overnight the US Dollar was supported by comments issued by a Fed official regarding the likelihood of the Federal Reserve continuing with the tapering of stimulus.
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The Rupee posted widespread gains yesterday as a report showed that the domestic current account deficit had narrowed to the smallest amount in four years.
Hopes that the Ukraine crisis will be resolved through diplomatic means also helped the emerging-market Rupee climb.
As one Mumbai-based forex trader observed; ‘The narrowing current-account deficit and improved risk sentiment as the Ukraine crisis is seen easing are supporting the Rupee.’
This week the Rupee has rallied by 1.2 per cent against the US Dollar and advanced on several if its other major rivals.
Today’s domestic foreign reserves and bank loan growth figures could have an impact on the Rupee, but investors will largely be focusing on the release of the US non-farm payrolls report.
After yesterday’s US initial jobless claims figures surprised to the upside, the odds of today’s employment report showing a good increase in positions climbed.
However, if the US economy is shown to have added fewer positions than the 150,000 forecast the Rupee could extend gains against the ‘Greenback’ before the weekend.
Nest week Indian reports to be aware of include the nation’s trade balance figures, inflation rate report, industrial/manufacturing output figures and WPI inflation data.
The British Pound is currently trading against the Rupee in the region of 102.3170.
The US Dollar is currently trading against the Rupee in the region of 62.2700.