The Indian rupee (INR) continues to lose ground amid faltering economic growth and persistently high inflation. On 15 December, the rupee traded at 53.5 INR per USD, which represents a 5.4% nominal depreciation over the same day last month and marks its lowest ever recorded level. Due to the sustained decline witnessed in recent months, the rupee now depreciated an accumulated 16.8% since the beginning of the fiscal year. Against a backdrop of sustained weakness and turmoil in financial and foreign exchange markets, the Central Bank signalled its willingness to intervene in order to stem volatility in the exchange rate. However, the Central Bank Governor Duvvuri Subbarao recently stated that volatility in the foreign exchange market is expected to continue until the protracted Eurozone debt crisis is resolved.
India Exchange Rate
Rupee falls to new all-time low
December 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.