The Indian currency has been on the uptrend ever since data showed that India’s trade deficit for September narrowed to $13.98bn compared with $17.39bn in the previous month.
Rupee opened marginally higher by 5 paise and was trading at 73.43 against the dollar. During yesterday’s close, the rupee was trading at 73.48.
The Indian currency has been on the uptrend ever since data showed that India’s trade deficit for September narrowed to $13.98bn compared to $17.39bn in the previous month. Further, India’s imports also rose 10.45% and exports declined 2.15%. These figures are surprising as the country’s import bill has been rising amid worries that US sanctions against Iran would be active from next month affecting substantial volume of crude oil from the world markets.
Moreover, the dollar’s weakness and rising foreign fund inflows are said to have supported the rupee. So far this year, the rupee has declined 13%.
As per market expectations, the rupee will continue to demonstrate marginal appreciation in the coming few sessions.
The Indian currency has been on the uptrend ever since data showed that India’s trade deficit for September narrowed to $13.98bn compared to $17.39bn in the previous month. Further, India’s imports also rose 10.45% and exports declined 2.15%. These figures are surprising as the country’s import bill has been rising amid worries that US sanctions against Iran would be active from next month affecting substantial volume of crude oil from the world markets.
Moreover, the dollar’s weakness and rising foreign fund inflows are said to have supported the rupee. So far this year, the rupee has declined 13%.
As per market expectations, the rupee will continue to demonstrate marginal appreciation in the coming few sessions.
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