Mumbai: On Wednesday the Indian rupee commenced down 16 paise at 66.62/$ against US Dollar as against the preceding close of 66.46/$. The recent round of pessimism currently emanates from 65% probability of a US rate hike in December & unwinding of stimulus by the ECB.
With the ‘elexir’ of contemptible money seeming to be withdrawn caution seems the buzzword in most global equity markets. Weaker than predictable macro numbers from Brazil & lowering of worldwide growth targets by the IMF will be the other points of concern.
The Indian rupee concluded superior after the Reserve Bank of India (RBI) down its key lending rate or the repo rate by 25 basis points to a six-year inferior of 6.25%, from 6.5% previous. The rupee hit a one-month elevated next to the US dollar, whereas bond yields hit a fresh seven-year low today.
Today on data front, Nikkei India Service PMI data is planned. The Indian currency concluded superior by 13 paise at 66.59/$. The local unit had hit a elevated of 66.80 and a low of 66.87.
The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 66.53 and for the Euro stood at 74.71. The RBI’s reference rate for the Yen stood at 65.70; reference rate for the Great Britain Pound (GBP) stood at 85.8675.