The Indian rupee fell today as unfavorable fundamentals reports from the United States caused speculations that the global economic recovery is faltering and damped demand for riskier currencies of Asian nations.
Yesterday, a report from Institute for Supply Management showed a worse-than-expected decline of the service industries in the USA. Today, US non-farm payrolls were far below forecasts, confirming earlier negative data. The USA was one of the few sources of optimism for traders and now it may to become just another reason for worries.
USD/INR was up from 53.3355 to 53.4750 as of 14:22 GMT today, while the daily maximum was 53.9300.
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