The Indian rupee rose today on hopes that policy maker will be able to reduce the nation’s current-account deficit and attract additional inflows into the country’s economy.
Chakravarthy Rangarajan, chairman of the Prime Ministerâs Economic Advisory Council, said earlier this week that the current-account deficit may be 14 percent below the Finance Ministry’s target by March 2014. The trade balance deficit shrank to the lowest level since March 2011 in September. Of course, signs of headway in resolving of the US budget crisis added to investors’ willingness to buy risky assets of the emerging economy.
USD/INR slipped from 61.2550 to 60.9550 as of 16:30 GMT today.
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