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Rupee Strong as Indian Current-Account Deficit Narrows

March 6, 2014 at 2:15 by Vladimir Vyun

Many INR billsThe Indian rupee was strong today as the nation’s current account deficit fell to the lowest level in four years with the help of measures that limited gold imports.

The Reserve Bank of India reported that the current account gap narrowed to $4.2 billion in October-December quarter from $5.2 billion in the previous three months. The Indian government has increased taxes on gold imports three times last year. India is the biggest consumer of the metal in the world.

USD/INR fell 0.16 percent to 61.7550 as of 2:09 GMT today.

If you have any questions, comments, or opinions regarding the Indian Rupee, feel free to post them using the commentary form below.

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