By the end of September, the Indian rupee (INR) traded at 52.9 per USD, which was 5.0% stronger than the level recorded by the end of the previous month. The figure marked a 7.4% gain versus the 57.1 INR per USD recorded on 22 June, when the rupee hit a new all-time low versus the U.S. dollar. The rupee recovered following on a series of policy changes announced by the government in September, aimed at boosting economic growth and improving the country's public finances, which were received very positively by the markets, therefore improving investor sentiment and boosting appetite for Indian assets. Most recently, however, the currency has lost some ground again, with the rupee trading at 53.8 INR per USD by 19 October, the lowest level seen in a month, as strong demand for U.S. dollars by Indian importers is pushing the currency down. On an annual basis, the INR is now 9.5% weaker than in the same day last year.
India Exchange Rate
Rupee recovers from all-time low versus USD
October 19, 2012
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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.