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Indian Rupee Drops, Fundamentals Remain Positive

May 28, 2013 at 13:41 by Vladimir Vyun

Indian rupee denominationsThe Indian rupee declined today against the US dollar, which was supported by speculations about tighter monetary policy. Fundamentals were not bad for the Indian currency, though, and may yet alleviate the pressure on the rupee.

The Dollar Index ended its two-day loss today, pushing other currencies down. Economists say that capital inflows into India remain strong and may help the currency to pare losses. The Indian government is trying to limit gold exports into the country in an attempt to reduce the current-account deficit and this should help the rupee too.

USD/INR went up from 55.5725 to 55.9900 as of 13:41 GMT today.

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