The Indian rupee has been trading weak throughout this week​​​​​​​ By Nish Bhatt, Millwood Kane International
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Below are Views On The Indian rupee has been trading weak throughout this week By Mr. Nish Bhatt, Founder & CEO, Millwood Kane International
“ The Indian rupee has been trading weak throughout this week. It fell to an over 5-month low on concerns of rising crude prices and its likely impact on inflation. Crude oil prices rose to a 7-year high post-OPEC meeting earlier this week that decided to not increase oil output. The weakness in most Asian currencies also played its role in rupee depreciation.
The fall in the rupee is surprising, it comes despite Moody's upgrading India's rating and record-high levels
of dollar reserves with the RBI.
It is important to note that the INR has posted its biggest single-session fall against the dollar in nearly 4 months, sending the 10-year bond yield to nearly a 6-month high. The rise in bond yields has raised some concerns for the RBI which is due to announce its monetary policy later this week.”
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EURINR trading range for the day is 89.13 - 89.49. - Kedia Advisory
