On 21 August, the Indian Rupee fell to a nearly-two-year low, closing the day at 66.0 INR per USD. The figure represented a 3.9% depreciation over the same day of the previous month and an 8.8% depreciation over the same day of last year. The currency’s decline in value comes against a backdrop of high levels of market volatility following China’s surprise devaluation of the yuan earlier in the month. Large depreciations have been recorded in other Asian currencies and Indian stock markets have been under pressure due to a broad selloff of Indian stocks.FocusEconomics Consensus Forecast panellists expect the rupee to end this year at 64.9 INR per USD. For 2016, the panel projects the INR to trade at 64.1 per USD.
India Exchange Rate
Rupee falls to almost two-year low amid market volatility
August 25, 2015
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India Exchange Rate Chart
Note: Daily spot exchange rate of Indian Rupee (INR) against U.S dollar (USD).
Source: Thomson Reuters
India Economic News
October 17, 2016
Recently-released data related to India’s external sector showed that the trade deficit totaled USD 8.3 billion in September, which was a smaller shortfall than the USD 10.2 billion gap recorded in September 2015 (August 2016: USD 7.7 billion deficit).
October 15, 2016
In September, consumer prices fell 0.23% from the previous month, which followed August’s flat growth.
October 12, 2016
The fall in industrial production moderated in August, after recording the largest contraction since November 2015 in July.
October 5, 2016
Activity in India’s manufacturing sector lost steam in September.
October 4, 2016
The newly facelifted Reserve Bank of India (RBI) decided to ease monetary policy at a scheduled meeting on 4 October, cutting the repurchase rate from 6.50% to 6.25%—an over five-year low.