Monday 10 June 2013

Indian rupee records low against US dollar...

Indian rupee hits a record low against the dollar on Monday, on growing demand for oil  among importers. The fall is the one more blow towards the growth story of India, one of the emerging economies and 3 rd largest in Asia.Analysts and traders will now watch for any possible intervention from the central Reserve Bank of India to stem any further weakening of the currency.

The weaker currency makes imports costlier, especially of foreign oil on which India relies heavily, and will stoke already high consumer inflation.
The RBI has a policy of not commenting on movements in the forex market and has a stated policy of intervening only to curb volatility.

No comments:

Post a Comment