The Indian rupee fell today, leading other Asian currencies in weekly decline, as comments of the US Federal Reserve did not alleviate fears of quantitative easing tampering, making traders unwilling to buy riskier currencies of emerging markets.
Market participants remain worried about possible QE reduction, paying more attention to positive data from the United States than to the words of policy makers. Today’s non-farm payrolls are expected to show robust growth, adding to signs of economic strength. Other Asian currencies, including the Malaysian ringgit, also fell, but the rupee was the biggest loser this week, dropping as much as 2.6 percent.
USD/INR advanced from 60.5655 to 60.9750 as of 10:10 GMT today.
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