The Indian rupee sank today as the negative outlook for the country’s economy and the unfavorable developments in the global economy hurt the prospects for the currency.
The Reserve Bank of India slashed its forecast for the nationâs growth to 7.6 percent from 8 percent. India’s trade balance deficit widened to a 17-year high of $19.6 billion in October and may increase further in case oil prices would push the import bill higher. The central bank voiced concern about the weakness of the rupee and said it’s going to intervene to support the currency.
USD/INR was at 52.4905 today as of 20:24 GMT after opening at 52.0655 and jumping to 52.7200.
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