Turmoil in financial markets and diminishing growth prospects are weighing heavily on the Indian rupee (INR) which, by the end of September, traded at 48.9 per USD. The reading represented a 5.9% nominal depreciation over the 46.0 INR per USD observed on the last day of August. In addition, the print marked the lowest level since late April 2009 and followed on a sharp 4.3% monthly decline in the August. On a year-to-date basis, the rupee has depreciated 8.4%. The increased pressure on the exchange rate has yet to dissipate, with the rupee falling slightly below the 50.0 per USD mark on 21 October, where it continues to hover.
India Exchange Rate
Rupee continues to lose ground
October 1, 2011
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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.