By 23 March, the Indian rupee (INR) was trading at 51.17 INR per USD, which was 4.0% weaker than in the same day of the previous month and marks, in fact, the lowest level in two months. The decline contrasts the 0.6% gain recorded in February. On an annual basis, the INR is now 14.5% weaker than in the same day last year. The rupee has depreciated amid lower risk appetite for emerging market assets following on weak manufacturing data from China and Europe, which have raised fears of a global economic slowdown. In addition, the INR has been hurt in recent weeks as importers have increased their demand for U.S. dollars, prompting speculation that the Reserve Bank of India (RBI) may already be intervening to support the currency.
India Exchange Rate
Rupee weakens to two-month low
March 23, 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.